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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.

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