Cabinet approves sale of government's stake in HPCL to ONGC
Union Cabinet on Wednesday gave its in-principle nod for sale of the government's 51.11% stake in Hindustan Petroleum Corporation (HPCL) to India's largest oil producer ONGC for â¹30,000 crore. HPCL will become a subsidiary of ONGC and will remain a listed company post the acquisition. It will add 23.8 million tonnes of annual oil refining capacity to ONGC.