ONGC may acquire HPCL in $6.6 billion deal

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Following up on Finance Minister Arun Jaitley’s Budget announcement of creating an integrated oil company, ONGC may buy all of the government’s 51.11 percent stake in Hindustan Petroleum Corporation Ltd (HPCL) and follow it up by an open offer to acquire additional 26 percent from other shareholders of HPCL.
Source: Top News