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ONGC receives IM from government on HPCL stake sale

03 Nov 2017 Evaluate

The government has sent Oil and Natural Gas Corporation (ONGC) an Information Memorandum (IM) based on which the state-owned firm would make an offer to buy majority stake in Hindustan Petroleum corporation (HPCL). The Cabinet had on July 19 approved the sale of government’s entire 51.11% stake in HPCL to ONGC as part of its Rs 72,500 crore disinvestment target for the current fiscal, 2017-18.

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.

Peers
Company Name CMP
ONGC 221.65
Oil India 452.60
Jindal Drilling&Inds 598.50
Deep Industries 797.15
Asian Energy Service 480.45
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