Oil and Natural Gas Corporation (ONGC) has received an in-principle approval to acquire the government’s 51.11% stake in Hindustan Petroleum Corporation (HPCL). The board of directors of the company at its meeting held on August 21, 2017 has approved for the same. Last month, the government had approved sale of its 51.11% stake in oil refiner HPCL to India’s largest oil producer ONGC.
Further, the board has constituted a Committee of Directors to examine various aspects of the said proposal and to provide its recommendations to the Board of Director.
Oil and Natural Gas Corporation (ONGC) is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
