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Centre Allows ONGC to Buy Out Gov Stake in Refiner HPCL: Source

The government owns 51.1 percent stake in Hindustan Petroleum Corp Ltd (HPCL).

Reuters

Updated:July 19, 2017, 8:00 PM IST
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Centre Allows ONGC to Buy Out Gov Stake in Refiner HPCL: Source
In this file photo, a technician is pictured inside a desalter plant of Oil and Natural Gas Corp (ONGC) on the outskirts of Ahmedabad. (Photo: Reuters/Amit Dave)
New Delhi: The Centre on Wednesday approved a plan to sell the government's stake in state refiner Hindustan Petroleum Corp Ltd (HPCL) to explorer Oil and Natural Gas Corp (ONGC), a source said, in a bid to create oil giants to compete with global rivals.

The government owns 51.1 percent stake in HPCL.

"ONGC has forwarded a proposal to acquire HPCL. Process for in-principle approval for this proposal has been initiated," Oil Minister Dharmendra Pradhan told lawmakers earlier on Wednesday.

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