Oil & Natural Gas Corporation Ltd.

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.