Free Press Journal
  • HPCL acquisition: ONGC to hire independent consultant soon

    Mumbai : State-run ONGC is planning of hiring an independent consultant to evaluate HPCL’s acquisition cost, revealed ONGC, chairman and managing director, Shashi Shanker. He added that the valuation will be out days’ after the consultant is hired.

  • HPCL corruption case: Special CBI court acquits two

    Mumbai: A special CBI court here has acquitted two persons in a corruption case, citing lack of evidence and the prosecution’s failure to prove the charges. Special judge P S Tarare recently acquitted a former convener of the Oil Sector Officers Association (OSOA), Ashok Singh, and Hindustan Petroleum Corporation Limited (HPCL)executive Shishir Kumar Dubey.

  • ONGC to sell IOC stake to LIC in block deal

    The acquisition of 51.11pc government stake in HPCL by ONGC, will be funded through a combination of market borrowing and selling some stake in IOC and GAIL.

  • ONGC to acquire HPCL in bulk share deal by Dec

    New Delhi : State-owned Oil and Natural Gas Corporation (ONGC) will acquire the government’s 51.11 per cent stake in HPCL through a bulk or block deal some time in November or December at the prevailing market price. While the government is keen that the deal, which would fetch it over Rs 33,000 crore at the current market price, is done in October, ONGC wants time to raise the money required for the

  • ONGC to borrow Rs 25K cr to fund HPCL stake buy

    New Delhi : Cash rich Oil and Natural Gas Corp (ONGC) will raise its first debt ever, of Rs 25,000 crore, to part fund the Rs 37,000 crore acquisition of government’s stake in Hindustan Petroleum Corp Ltd (HPCL). India’s largest oil and gas producer has about Rs 13,000 crore in cash and would need to borrow the rest to fund the buying of government’s 51.11 per cent stake in HPCL. ONGC has

  • FM to head panel on HPCL stake sale to ONGC

    New Delhi : Finance Minister Arun Jaitley will head a 3-member ministerial panel to oversee and expedite the sale of government stake in oil refiner HPCL to explorer ONGC, Oil Minister Dharmendra Pradhan said on Monday.

  • HPCL to become subsidiary of ONGC

    New Delhi : The Cabinet on Wednesday approved sale of government’s stake in Hindustan Petroleum Corp Ltd (HPCL) to India’s largest oil producer ONGC for Rs 30,000 crore, a top government source said.

  • Cabinet may decide on HPCL stake sale to ONGC this month

    New Delhi : The Cabinet is likely to consider this month sale of government’s 51 per cent stake in Hindustan Petroleum Corp Ltd (HPCL) to Oil and Natural Gas Corp (ONGC) for over Rs 26,000 crore. The Department of Investment and Public Asset Management (DIPAM) in the Ministry of Finance is moving a note for consideration of the Cabinet for divesting government’s entire 51.11 per cent shareholding in India’s third-biggest fuel retailer

  • IOC, BPCL, HPCL sign pact to set up $30 bn refinery

    New Delhi : State-owned oil firms IOC, BPCL and HPCL on Wednesday signed an agreement to jointly set up India’s biggest refinery at Ratnagiri district of Maharashtra at a cost of USD 30 billion or Rs 2 lakh crore.

  • ONGC keen to buy HPCL, may cost about Rs 42,254 cr

    New Delhi : State-owned Oil and Natural Gas Corp (ONGC) is keen to acquire India’s third-biggest fuel retailer HPCL in a Rs 42,254 crore deal after finding Bharat Petroleum Corp Ltd (BPCL) too expensive to buy.

  • Automated system on fuel price rings in, pump owners upset

    New Delhi :State-owned fuel retailers IOC, BPCL and HPCL have put in place an automated system to implement daily revision in petrol and diesel prices from June 16 even as a section of petrol pump dealers threatened to go on strike against the move.

  • ONGC may acquire HPCL for Rs 44000 crore

    New Delhi : State-owned Oil and Natural Gas Corporation (ONGC) may acquire India’s third-biggest fuel retailer HPCL in an about Rs 44,000 crore (USD 6.6 billion) deal as part of the government’s plan to create an integrated oil giant.

  • BPCL, HPCL, IOC, Sun Pharma entity win oil & gas field auction

    New Delhi : State-owned refiners BPCL, HPCL and IOC alongside a company floated by directors of drugmaker Sun Pharmaceuticals were on Wednesday declared as winners of the much-hyped small oil and gas field discovery auction.

  • Top 100 firms created `28L cr wealth during 2011-16: Study

    Mumbai : Country’s top 100 companies in terms of market valuation have generated Rs 28.4 lakh crore wealth in the last five years, with Tata Group firm TCS retaining the numero uno position in the chart, says a latest study.

  • Sensex at one-week high, up 186 pts as US rate fears recede

    Mumbai : Rising for a third straight session, the BSE Sensex jumped over 186 points on Friday to close at a one-week high of 28,599.03 on across-the-board gains amid firm global cues on receding fears of a US interest rate hike.

  • HPCL, GAIL to divest up to 50% stake in petrochem plant in AP

    New Delhi : State-owned refiner Hindustan Petroleum Corp Ltd (HPCL) and gas utility GAIL India Ltd will divest up to 50 per cent stake in the Rs 30,000 crore petrochemical plant which is being set up in Andhra Pradesh.

  • Deliberating on merger of oil firms: Pradhan

    Kolkata : Govt is open to deliberating on the issue of mega merger of state-owned oil firms for creating a behemoth, Union Min Dharmendra Pradhan said. “The govt plans to deliberate on the issue of merging the E&P companies and oil marketing firms in the public sector,” the Minister for Petroleum and Natural Gas told PTI. The state-owned oil cos are IOC, BPCL, HPCL, ONGC and OIL.