After 5 months, ONGC finally gets a director on Hindustan Petroleum board

After over five months, Oil and Natural Gas Corporation (ONGC) has finally got a director appointed on the board of Hindustan Petroleum Corporation Ltd — a firm it had acquired for Rs 36,915 crore.

The Ministry of Petroleum and Natural Gas on June 22, conveyed its consent for the appointment of Pankaj Kumar, Director (Offshore), ONGC as a director on the board of HPCL, according to regulatory filings by HPCL.

For over five months, ONGC had no representative on the board of HPCL — a company in which it owns a 51.11 per cent stake since January 2018.

HPCL for over one-and-a-half years — between January 2018 and August 2019 — did not recognise ONGC as its promoter despite the government selling its entire 51.11 per cent stake in the company to the oil explorer.