India plans to ask state-run Oil and Natural Gas Corp to consider launching a rights issue to help fund green projects at refining arm Hindustan Petroleum Corp, two sources said, an exercise that could raise about $1.9 billion.
The comments come after India’s finance minister announced a plan this year to provide equity of Rs 30,000 crore to help the big state oil refiners move towards cleaner energy.
The government is weighing options for HPCL, including directly providing loans at preferential rates, said the sources, who have direct knowledge of the matter. They sought anonymity as they were not authorised to speak with media.
