 "A technician is pictured inside a desalter plant of Oil and Natural Gas Corp (ONGC) on the outskirts of Ahmedabad File Photo: Reuters")
The Union Cabinet, on Wednesday, gave in-principle approval for state-owned upstream giant Oil and Natural Gas Corp(ONGC) to buy the government’s 51 per cent stake in Hindustan Petroleum. Such a takeover will make Hindustan Petroleum(HPCL) a subsidiary of ONGC, and it will indirectly remain a public-sector undertaking through the centre’s stake in ONGC.
Senior government sources told Business Standard that ONGC, HPCL and government will now decide how to proceed. Once the process of ONGC buying the centre’s stake in HPCL is decided upon, the cabinet will give a final approval for the sale to actually take place,
Senior government sources told Business Standard that ONGC, HPCL and government will now decide how to proceed. Once the process of ONGC buying the centre’s stake in HPCL is decided upon, the cabinet will give a final approval for the sale to actually take place,
