ONGC, HPCL merger talks start
India “So far, no discussion has taken place at our board meeting,” ONGC’s director of onshore, Ved Prakash Mahawar, told PTI news agency. “The petroleum ministry wants this to happen because if integration takes place, there will be value creation.”
Last month, reports emerged that the government was looking to transfer its 51.11% stake in HPCL to ONGC in order to create an integrated oil company. The transfer would increase ONGC’s crude refining capacity by 23.8 million tpy.
The total value of the transaction, including a possible buyout of some 26% of HPCL’s shares from the market, was estimated by the Economic Times newspaper at up to INR 440 billion (USD 6.61 billion).
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