ONGC had borrowed money from banks to buy government’s 51.11% stake in HPCL for Rs36,915 crore. Photo: ReutersNew Delhi: State-owned Oil and Natural Gas Corp. Ltd (ONGC) may sell stake in its mega petrochemical project in Gujarat to fund acquisition of Hindustan Petroleum Corp. Ltd (HPCL), a senior official said. ONGC had borrowed money from banks to buy government’s 51.11% stake in HPCL for Rs36,915 crore. ONGC holds 13.77% stake in nation’s biggest refiner Indian Oil Corp. (IOC), which at Friday’s trading price is worth close to Rs26,000 crore. ONGC, which completed HPCL acquisition at the end of January, has been a zero-debt company and wants to retain that status.

Source: Mint March 09, 2018 11:26 UTC