Published on July 24, 2017
Cabinet ministry of Indian government has approved the decision of sellinf 51.1% of its share in HPCL to ONGC. "It is good for all the shareholders of both companies since integrated companies are much stronger and therefore valued by the market at higher multiple than standalone companies," said the Economic Times, quoting ONGC Chairman Dinesh Sarraf. The transaction, which may cost about $4.6-billion, is expected to be completed in a year.
