your password has been reset successfully, Please login again.

ONGC to takeover HPCL

The government approved the sale of 51.11% stake of HPCL to ONGC.
BY BEx Bureau
BusinessEx
Aug 24, 2017

The consent has been given to ONGC to acquire 51.11% stake in governments Hindustan Petroleum Corporation, the former said in regulatory filing

In a meeting of the board of directors, discussion results to "examine various aspects of the acquisition and to provide its recommendations to the board of directors", the filing said.

It is estimated that deal will be completed within a year.

The board of the refining and marketing company will function the way it is and HPCL will remain listed company and become a subsidiary of ONGC after the transaction takes place.

Sources said ONGC will not have to make an open offer to minority shareholders of HPCL as the government's holding is being transferred to another state-run firm and the ownership isn't changing.ONGC was planning to acquire BPCL Company but the acquisition price demanded was too high so the company decided to go for HPCL and conveyed its choice to parent oil ministry.

ONGC was planning to acquire BPCL Company but the acquisition price demanded was too high so the company decided to go for HPCL and conveyed its choice to parent oil ministry.

After proper examination, it is being concluded that HPCL will add 23.8 million tonnes of oil refining capacity to ONGC's portfolio and becomes the third-largest refiner in the country after IOC and Reliance Industries.

Please add your Comment
SIMILAR News
December 07, 2017
POS solutions provider Mswipe raises $10 million funding in Series D round led by B Capital Group an ...More
By Akshay Arora
December 07, 2017
Expense management startup Happay backed by SEquia Capital, other investors with a funding of Rs 65. ...More
By Akshay Arora
December 06, 2017
Personalised task management startup Dunzo raised 412 million funding from Google under Next Billion ...More
By Akshay Arora
December 06, 2017
Flintobox which delivers child lerning kit has raised $7 million funding from venture capital firm L ...More
By Akshay Arora
December 05, 2017
Furniture and home appliances renting startup Rentickle secures $4 million funding from VC firms and ...More
By Akshay Arora
December 05, 2017
Bagalore-based home rental startup raises $50 million funding from UC-RNT Fund. ...More
By Akshay Arora
December 03, 2017
AEON Learning acquires edtech firm Acadgild for $1o million in an all stock deal. ...More
By Akshay Arora
November 30, 2017
Cisco Chairman John Chambers backs Uniphore Systems in exchange for 10 per cent stake in the firm. ...More
By Akshay Arora
November 29, 2017
Student accommodation startup Stanza living raises Rs.13cr funding from Matrix Partners and Accel Pa ...More
By Akshay Arora
November 29, 2017
Fitness startup MobieFit raises funding of $1.35 million from Dubai-based venture capitalist NB Vent ...More
By Akshay Arora
November 28, 2017
Agritech startup Krishihub raises seed funding from IIT Kanpur INVENT accelerators and Villgro Innov ...More
By Akshay Arora
November 27, 2017
IoT and SaaS technology transportation startup TempoGo raises Rs 1.6 crore ($250k) funding from Sing ...More
By Akshay Arora