On January 31, 2018, oil and natural gas exploration major Oil and Natural Gas Corporation of India (ONGC) acquired oil marketing company Hindustan Petroleum Corporation Limited (HPCL). The move led to ONGC expanding its presence across oil exploration, production and distribution. The company’s Chairman and Managing Director Shashi Shanker at the time of mega-acquisition had said that the acquisition will help ONGC in scaling up rapidly.
“The acquisition of a majority stake in state refining entity, HPCL, was a defining move, one that significantly transforms ONGC’s downstream portfolio. While ONGC in itself remains committed to excellence in the upstream business, HPCL fits well into the group’s integrated energy strategy.
