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Oil and Natural Gas Corp (ONGC) board has provided its ‘in-principle’ approval for acquiring the government’s 51.11 percent stake in Hindustan Petroleum Corporation.
It said that the board of directors, at its meeting, constituted a committee of directors to “examine various aspects” of the acquisition and “to provide its recommendations to the board of directors.”
During last month, the government had approved sale of its 51.11 percent stake in oil refiner HPCL to India’s largest oil producer ONGC.
