India approves HPCL, ONGC merger: report
India Minister of State for Petroleum and Natural Gas Dharmendra Pradhan
The merger, which would also involve a transfer of management control, would transform HPCL into the country’s third-largest refiner, Minister of Petroleum and Natural Gas Dharmendra Pradhan told news agency Press Trust of India.
“The proposed acquisition in the oil sector will create a vertically integrated public-sector oil major having presence across the entire value chain,” Minister Pradhan said.
“This will give ONGC an enhanced capacity to bear higher risks, take higher investment decisions and to neutralise the impact of global crude oil price volatility.”
Ministerial-level talks regarding the proposed merger started in March.
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