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Daily G.K. - Top Stories

20 Jul 0201

BUSINESS AND ECONOMY

ONGC to Buy out HPCL

The government gave in-principle approval for state-owned upstream giant ONGC to buy the government’s 51% stake in Hindustan Petroleum Corporation Ltd (HPCL). The takeover would make HPCL a subsidiary of ONGC but it will indirectly remain a public-sector undertaking through the Centre’s stake in ONGC.  The decision was taken at the meeting of the Cabinet Committee on Economic Affairs chaired by PM Narendra Modi. 

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