Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) has sought access to a data room to help fix the price at which it can acquire the government’s 51.11 per cent stake in Hindustan Petroleum Corporation (HPCL).

India’s largest oil and gas producer has so far been given an information memorandum (IM) by the government’s transaction advisor, which ONGC feels is not sufficient to arrive at a valuation of HPCL.

ONGC wants to better understand HPCL’s financials, particularly the investments it has committed in different projects like a greenfield refinery at Barmer in Rajasthan, before it embarks on buying the government stake which at today’s price is worth over Rs 32,600 crore.