The plan for Hindustan Petroleum Corporation Ltd (HPCL) follows the government's go ahead to invite a strategic investor for Bharat Petroleum Corporation Ltd (BPCL) where the Centre owns 53 per cent stake. In of its most expensive buys, ONGC last year paid ₹36,915 crore to purchase the government's entire 51.11% stake in HPCL. "With the government repealing the acts that nationalised HPCL and BPCL, hurdles have been removed for divestment of share in the two companies. The government's stake in HPCL is worth over ₹60,000 crore at prevailing price of BPCL shares on BSE. This, sources said, could be done through government to government talks as most oil companies in the region are state-controlled.

Source: Mint October 20, 2019 12:11 UTC