News Sponsored by Neste

Monday, January 29, 2018VOLUME 14 ISSUE 5
Information on Advertising
Back to the Newsletter
News Sponsored by Evonik
News Sponsored by Evonik
News Sponsored by HollyFrontier
News Sponsored by HollyFrontier
Digital Book: LubriTec Synthetic Lube XRef - ED 6
Digital Book: LubriTec Synthetic Lube XRef - ED 5
Click Here to Subscribe, Unsubscribe or Change Your Options
ONGC to Acquire 51% Stake in HPCL

The Government of India entered into an agreement with Oil and Natural Gas Corporation Ltd (ONGC) on Saturday January 20 for the sale of its entire 51.11 per cent equity share-holding in Hindustan Petroleum Corporation Ltd (HPCL) at a consideration of Rs 36,915 crore (US$5.78 billion).

ONGC said it will acquire the government’s entire 778,845,375 equity shares in HPCL at Rs 473.97 per share. The deal will be closed by end of January 2018.

Through this acquisition, ONGC will become India's first vertically integrated "oil major" company, having presence across the entire value chain.

HPCL had a turnover of Rs 2,13,489 crore and profit after tax of Rs 6,502 crore during 2016-17. It markets around 35.2 million tons of petroleum products — a market share of about 21% — and has around 15,000 fuel retail outlets. ONGC contributes around 70% of Indian domestic production of crude oil and natural gas.

The share sale will help government exceed its divestment target of Rs 72,500 crore in 2017-18 - a first for the government ever. The government has already raised Rs 54,337 crore so far this year.

The combined market value of ONGC and HPCL is Rs 311,925 crore, or $49 billion, comparable with Russian energy giant Rosneft's $61 billion. 

January 22, 2018
January 15, 2018
January 8, 2018
January 1, 2018
December 25, 2017


Please do not reply to this message. Replies to this message are routed to an unmonitored mailbox. Please send all comments and correspondence to
Published by Lubrication Technologies, Inc.
Copyright © 2018 Lubrication Technologies, Inc. All rights reserved.
Privacy Policy

Powered by IMN™