ONGC gives in-principle nod to acquire govt's stake in HPCL
The board of state-run Oil and Natural Gas Corporation (ONGC) on Monday gave in-principle approval to acquire government's 51.11% stake in Hindustan Petroleum (HPCL). HPCL will become a subsidiary of ONGC and will remain a listed company post the acquisition. The government has constituted a committee headed by Finance Minister Arun Jaitley to work out the modalities of the sale.