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India's state-run ONGC will take control of HPCL as part of the government's plan to create an integrated public sector oil entity. India plans to create a giant oil company by combining state-owned firms, finance minister Arun Jaitley said in the budget speech earlier this month as the world's third largest oil consumer looks to better compete with global majors in acquiring foreign assets. "It is a very big decision. A cabinet note will soon be moved. The government of India will transfer its majority shareholding (of 51.11 percent in HPCL) to ONGC, which will then become the holding company of HPCL," the paper wrote citing one of the officials.
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India's state-run ONGC will take control of HPCL as part of the government's plan to create an integrated public sector oil entity. India plans to create a giant oil company by combining state-owned firms, finance minister Arun Jaitley said in the budget speech earlier this month as the world's third largest oil consumer looks to better compete with global majors in acquiring foreign assets. "It is a very big decision. A cabinet note will soon be moved. The government of India will transfer its majority shareholding (of 51.11 percent in HPCL) to ONGC, which will then become the holding company of HPCL," the paper wrote citing one of the officials.
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