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Govt, ONGC gain from HPCL stake sale

HPCL's stake buyout means the refiner will become a subsidiary of ONGC

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Ongc-hpcl Merger

Amritha Pillay & Ujjval Jauhari  |  Mumbai/New Delhi 



A technician is pictured inside a desalter plant of Oil and Natural Gas Corp (ONGC) on the outskirts of Ahmedabad. File Photo: Reuters
A technician is pictured inside a desalter plant of Oil and Natural Gas Corp (ONGC) on the outskirts of Ahmedabad. File Photo: Reuters

The Cabinet decision on Wednesday to sell the government’s 51.11 per cent stake in Hindustan Petroleum Corporation (HPCL) to Oil and Natural Gas Corporation (ONGC, also a state-owned entity) won’t do much for the former’s public shareholders, say experts. It will help the government ease its fiscal deficit and also benefit ONGC, but industry experts do not expect much to change for HPCL’s public shareholders.

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First Published: Wed, July 19 2017. 23:55 IST

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