The Union Cabinet on Wednesday gave in-principle nod for sale of government’s stake in HPCL to ONGC. ONGC will not have to make open offer post buying 51.11 per cent government stake in HPCL, reported PTI
After ONGC buys government stake, HPCL will become a subsidiary of India’s largest oil producer and its board will continue to be in place.
ONGC will have to complete the acquisition of HPCL within one year.