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The Cabinet Committee on Economic Affairs (CCEA) has provided its in-principle approval for the sale of the government’s 51.11 percent stake along with the management control of HPCL to the ONGC.
The Oil Minister Dharmendra Pradhan has said that Hindustan Petroleum Corporation Ltd (HPCL) will continue as a public sector undertaking after Oil and Natural Gas Corporation Ltd (ONGC) acquires its stake.
He said that “The proposed acquisition in the oil sector will create a vertically integrated public sector oil major company having presence across the entire value chain. This will give ONGC an enhanced capacity to bear higher risks, take higher investment decisions and to neutralise impact of global crude oil price volatility.”
