evidence: Presentation is loading. Please wait. [...] Oil and Natural Gas Corporation (ONGC) signed a deal to acquire 51.11% stake in Hindustan Petroleum Corporation Limited (HPCL) for about Rs. 36,915cr in an all-cash deal, which would close by end of Jan 2018. Earlier empowered panel headed by finance minister Arun Jaitley had approved price bid for acquisition. The goal of this deal was to create integrated oil major to compete with global rivals and will help the government meet annual disinvestment target. (Rs. Through this acquisition, ONGC is gaining midstream and downstream presence and access to marketing network. This acquisition will make ONGC India’s first vertically integrated oil major, having presence across value chain in sector.