ONGC To Complete Hindustan Petroleum Acquisition By March – Feedback

Nation’s largest energy driller ONGC hopes to complete the acquisition of the state-run oil marketer Hindustan Petroleum Corporation by March, chairman and managing director Shashi Shanker said here today.

ONGC chief also refused to comment on the reported government move to monetise up to 60 per cent of the oil and gas fields developed by it and Oil India to private parties, saying they have not heard anything from the government but read it in newspapers only.When announced in July, ONGC, one of the richest PSUs with a mount of cash, had pegged the cost of acquiring the 51.11 per cent government stake for around Rs. 320 billion, but since then HPCL stock has rallied and there are fears that the oil and gas explorer will have to shell out much more than the initial estimate.

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