ONGC free to sell stake in HPCL: Dharmendra Pradhan
NEW DELHI: Amid reports of ONGC’s inability to derive any benefit out of its HPCL acquisition, Oil Minister Dharmendra Pradhan on Monday said the state-owned firm was free to sell its stake in the oil refining and marketing company.
In its most expensive acquisition ever, Oil and Natural Gas Corp (ONGC) last year paid Rs 36,915 crore to buy government’s entire 51.11 per cent stake in Hindustan PetroleumNSE 0.48 % Corp Ltd (HPCL).
Despite being the majority stakeholder in the company, ONGC has only got one member on the board and virtually no say in the management.
