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Once a prized asset, is oil giant ONGC nearing the end of the road?

The oil it drills is expensive, the company does not have a clear road map for the future despite its Energy Strategy 2040

Topics
ONGC | oil and gas | HPCL-ONGC merger

Subhomoy Bhattacharjee  |  New Delhi 



ONGC
Photo: Reuters

At the risk of sounding preposterous, would it have been a better shot to let HPCL buy 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. 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

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