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Dharmendra Pradhan: HPCL to become ONGC subsidiary, Arun Jaitley to prompt deal Latest News

Monday, July 24 2017
Dharmendra Pradhan: HPCL to become ONGC subsidiary, Arun Jaitley to prompt deal

Oil Minister Dharmendra Pradhan: Hindustan Petroleum Corp (HPCL) to become Oil and Natural Gas Corp (ONGC) subsidiary, Finance Minister Arun Jaitley to prompt deal

Oil Minister Dharmendra Pradhan clarified that the Centre has given its decision and has announced to set up a panel headed by Finance Minister Arun Jaitley to expedite the sale of Government’s stake in refiner Hindustan Petroleum Corp (HPCL) to explorer Oil and Natural Gas Corp (ONGC).

The Union Cabinet earlier decided to sell that Government’s 51.1 percent stake in refiner and fuel retailer HPCL to Oil producer ONGC.

Oil Minister Dharmendra Pradhan also clarified that the panel will help in taking quick decision with regard to the timing, price terms and conditions and other related issues to the transactions.

Dharmendra Pradhan confirmed that the integration of the two companies will be completed in the current financial year.

He also added that post-acquisition by ONGC, HPCL can still retain its brand identity.

Moreover he says that this will give ONGC an enhanced capacity to bear higher risks, take higher investment decisions and to neutralize the impact of global crude oil price volatility.

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Hindustan Petroleum Corp (hpcl), Oil And Natural Gas Corp (ongc), Oil Minister, Dharmendra Pradhan, Finance Minister, Arun Jaitley, Hpcl Merger
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