The board of state-owned Oil and Natural Gas Corp, ONGC, has given ‘in-principle’ approval to acquire government’s 51(point)11 per cent stake in Hindustan Petroleum Corp Ltd.
The ONGC board at its meeting in New Delhi on Monday constituted a committee of directors to examine various aspects of the acquisition and to provide its recommendations to the board of directors.
The government last month had approved sale of its 51.11 per cent stake in oil refiner HPCL to India’s largest oil producer ONGC. The deal will be completed within a year.
The government had also constituted a committee – headed by Finance Minister Arun Jaitley and comprising oil minister Dharmendra Pradhan and road minister Nitin Gadkari to work out the modalities of the sale. Jaitley had in his Budget for 2017-18 talked about creating an integrated oil behemoth.