Following the Union Cabinets decision last week, to sell the 51% government shareholding in oil marketer Hindustan Petroleum Corporation Ltd (HPCL) to state-run explorer Oil and Natural Gas Corporation (ONGC), the government will set up a panel headed by Finance Minister Arun Jaitley to accelerate the process.

Announcing the decision, Union Petroleum Minister Dharmendra Pradhan was quoted in a report as saying that the panel “will help in taking a quick decision with regard to the timing, price, terms and conditions and other related issues to the transaction”.

According to the Minister, post-acquisition, HPCL can retain its brand identity. The move comes months after the Finance Minister’s announcement in the Union Budget 2017-18 about the government’s plan to create an integrated public sector oil major.

Now, the proposed integration of the two companies, which is expected to be completed in the current fiscal itself, will help create a vertically integrated oil major with presence across the hydrocarbon chain, reports said.

here is company details.

 

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