The consolidation among public sector oil companies could start with a merger, rather than a takeover. Senior government officials say a merger or an amalgamation could obviate the need for an open offer to buy equity from minority shareholders. The first to get off the ground would be Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum Corporation Ltd (HPCL). If the idea of a merger or an amalgamation is accepted, such a route would not burden ONGC. A takeover would have resulted in HPCL becoming a subsidiary of ONGC.
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First Published: Fri, June 02 2017. 01:28 IST