ONGC gets government nod for acquiring HPCL

Posted on:05 Nov 2017 09:00:01
ONGC gets government nod for acquiring HPCL
05 November 2017 Current Affairs: ONGC has received the Information Memorandum from the Department of Investment and Public Asset Management for acquiring majority stake in fellow public sector undertaking HPCL.

ONGC’s acquisition of 51.11 per cent stake in HPCL is in line with the government’s plan to create an integrated energy major with businesses spread across the hydrocarbon value chain.

The government has set the deadline to complete the ONGC-HPCL deal in the current financial year.

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