HPCL acquires 17.28% stake in Petronet MHB for Rs 185.38 crore
Hindustan Petroleum Corp Ltd (HPCL) on Thursday said it has acquired 17.28 per cent stake in Petronet MHB Ltd, a firm that owns a petroleum product pipeline at Mangalore, for Rs 185.38 crore.
HPCL and its parent, Oil and Natural Gas Corp (ONGC), presently hold 32.72 per cent stake each in the company that transports petroleum products.
In a regulatory filing, HPCL said Petronet MHB Ltd had a networth of Rs 796.30 crore as of March 31, 2019.
“The acquisition will open up possible opportunities for synergy, better cost economics and revenue maximization,” HPCL said, adding that no governmental or regulatory approvals are required for the acquisition.
