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.