HPCL relents, govt recognises ONGC as company promoter

Hindustan Petroleum Corp Ltd (HPCLNSE -2.22 %) has for the last 15 months refused to recognise its majority shareholder ONGC as its promoter but the government has now for all practical purposes started giving the company its due recognition.

Government headhunter Public Enterprises Selection Board (PESB) on June 17 called ONGC Chairman and Managing Director Shashi Shanker to assist in selecting the new Director (FinanceNSE 0.86 %) of HPCL, a move seen as a stamp of approval for ONGC being the parent of HPCL, sources in know of the development said.