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Hindustan Petroleum Corporation Ltd.(HPCL) Related news
 
HPCL may acquire Mangalore Refinery and Petrochemicals Ltd (MRPL) in a cash and share- swap deal to become India's third-largest oil refiner, a top official said.

Oil and Natural Gas Corp (ONGC), India's biggest oil and gas producer, last week announced acquisition of HPCL for Rs 369.15 billion. After this takeover, ONGC has two refining subsidiaries - HPCL and MRPL.


 
Oil and Natural Gas Corporation (ONGC) has surged 6% to Rs 206 on BSE in early morning trade after the state-owned oil exploration company announced that it will acquire the 51.1% government stake in Hindustan Petroleum Corporation (HPCL) at a cost of Rs 369.15 billion.

ONGC will acquire the government stake in HPCL by paying Rs 473.97 per share which works out to a 14% premium to HPCL’s closing market price of Rs 417 on Friday, 19 January.


 
Riding on the back of expected HPCL-ONGC deal, the government is eyeing to end FY18 with record disinvestment receipts of over Rs 90,000 crore as against the Budget target of Rs 72,500 crore, media sources reported. It is almost the double of over Rs 46,000 crore recorded last year. However, the exact amount to be raised after stake sale in HPCL is still uncertain. The deal, if finalized by March this year, should raise over Rs 30,000 for the government.The fiscal deficit reached Rs 6.12 trillion or 112% of the full-year budget during eight months to November.

 
The Core Group of Secretaries on Disinvestment (CGD) headed by the Cabinet secretary has approved the broad contours of Oil and Natural Gas Corporation’s proposed acquisition of the government’s 51.11% stake in Hindustan Petroleum Corporation, paving the way for the transaction later this month, sources said. The deal would boost non-tax revenues of the Centre considerably as proceeds from disinvestment alone would be about Rs 1 lakh crore as against the Budget target of Rs 72,500 crore this year.

 
State-run oil marketing companies (OMCs) Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp are looking for a solution to the high card transaction fees for petrol and diesel purchases.

OMCs want banks to cut the card transaction fees on petrol and diesel purchases by half, Livemint reported while citing four people aware of the development.


 
The tussle between auto fuel dealers and the government over minimum wages for over one million petrol pump staff has intensified with the dealers getting stay orders from Ernakulam and Jammu high courts among others.

On August 4, the government made it mandatory for retail outlets to pay Central minimum wages to retail outlet attendants.


 
MUMBAI: State-run oil marketer Hindustan Petroleum on Monday asked Airtel Payments Bank to immediately transfer the cooking gas subsidies it had got back to the bank accounts of customers or to the oil companies.

The move comes after LPG subsidies of millions of customers have been crdited to the Airtel Payments Bank accounts without their permission.


 
State-owned Oil and Natural Gas Corp (ONGC) has sought access to a data room to help fix the price at which it can acquire government's 51.11 per cent stake in HPCL.

India's largest oil and gas producer has so far been given an information memorandum (IM) by government's transaction advisor which ONGC feels is not sufficient to arrive at a valuation of Hindustan Petroleum Corp Ltd (HPCL), sources privy to the development said.


 
Given the government’s inability to take tough decisions on privatising PSUs, it is not clear how it plans to take away various performing oil/gas fields from ONGC and give these away on a profit-share to various private oilcos—the one that promises the most output will likely win the bid and get a 60% share in these fields. These fields produce around a fourth of ONGC’s oil and gas output, so logically the PSU’s board has to oppose the move—unless the government can demonstrate to it that the increase in oil/gas will be so much after the fields are given to the private sector that ONGC stands to gain with even a lower equity share in the fields.

 
India’s state oil refiners are planning an aggressive push into natural gas in coming years to meet Prime Minister Narendra Modi’s goal of making the fuel a bigger part of the country’s energy mix.

State-owned oil companies - Indian Oil, Bharat Petroleum and Hindustan Petroleum - are planning to raise gas contributions to between 5 and 15 per cent of their incomes over the next few years, up from nearly none now, company executives said.


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