At the risk of sounding preposterous, would it have been a better shot to let HPCL buy ONGC instead? The enterprise value of the acquirer, at Rs 98,904 crore, is just a third more than of the acquired, as on March 2020. ONGC was valued nearly four times more than HPCL in February 2018, when it paid out Rs 36,915 crore for the deal to the government of India.
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First Published: Wed, May 12 2021. 17:22 IST