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Cabinet gives approval to HPCL merger with ONGC

Cabinet gives approval to HPCL merger with ONGC

The Cabinet has given an in-principle nod to the merger of state-owned Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum Corporation Ltd (HPCL). Afer ONGC buys government stake, HPCL will become a subsidiary of India's largest oil producer and its board will continue to be in place. The government owns a 51.1% share in HPCL, and the deal could be worth over Rs. 28,000 crores.

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