Govt denies conflict waiver for investment bankers in ONGC-HPCL deal

The Central government has not given investment bankers applying to manage the proposed merger of Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum Corporation (HPCL) a waiver from the ‘conflict of interest’ clause.

While the bankers had requested the government to provide exemption from the existing conflict clause, the latter has reiterated its position, according to the Department of Public Asset Management (Dipam) website. 

Bankers handling the proposed merger will not be able to take up any deals involving competitors of either ONGC or HPCL, or any deals involving the competitors’ assets. Foreign deals too will require the government’s approval.

This move