ONGC Buys Stake in BPCL

2019 ias preliminary exam test series

Union Cabinet approved sale of government’s stake in Hindustan Petroleum Corpration Ltd (HPCL) to Oil and Natural Gas Corporation (ONGC).

The ONGC will buy government’s 51.11 per cent stake in HPCL but will not have to make an open offer as the government’s holding is being transferred to another state-run firm and the ownership is not changing.

The HPCL will become a subsidiary of ONGC and will remain a listed company post acquisition. The board of the refining and marketing company will continue to remain in place.

It will fetch 30 thousand crore rupees.

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