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ONGC likely to mop up majority stake in HPCL

Tue, Feb 28 2017, 02:00 PM

In a deal between two state-run entities, central government will transfer its 51.5% holding in Hindustan Petroleum Corporation (HPCL) to the Oil and Natural Gas Corporation (ONGC). This will help India's largest oil producer enter retail market, and will trigger open offer for 26%.