#1
August 29th, 2017, 11:23 AM
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Article on ONGC
Hi I am interested in knowing about the details of the report about ONGC acquiring the government’s stake of HPCL shares?
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#2
August 29th, 2017, 11:38 AM
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Re: Article on ONGC
The Cabinet Committee on Economic Affairs (CCEA) has given on a fundamental level endorsement for the offer of the government's 51.11% stake alongside the management control of HPCL to the ONGC, Oil Minister Dharmendra Pradhan said. Hindustan Petroleum Corporation Ltd (HPCL) will proceed as an open division undertaking after Oil and Natural Gas Corporation Ltd (ONGC) secures its stake, the clergyman said in the Lok Sabha. "The proposed procurement in the oil division will make a vertically incorporated open segment oil real organization having nearness over the whole esteem chain. "This will give ONGC an upgraded ability to hold up under higher dangers, take higher venture choices and to kill effect of worldwide raw petroleum value instability," Pradhan said. The choice takes after the Finance Minister's declaration in the current year's spending that the administration would try to consolidate open part oil organizations to make bigger substances. The obtaining is required to be culminated throughout the following year with ONGC purchasing the administration's 51% stake in HPCL. This would offer ONGC access to HPCL's refining and retail offices. What's more, the offer of HPCL could contribute nearly Rs.30,000 crore to the exchequer and satisfy more than 33% of the year's disinvestment target. This, obviously, makes the ONGC-HPCL bargain resemble an aid for the administration, the oil segment and the general economy. |
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