Which company acquiring 51.1% government stake in HPCL?
A. Reliance
B. Adani Power
C. ONGC
D. IOCL
Answer:C
Which company acquiring 51.1% government stake in HPCL?
A. Reliance B. Adani Power C. ONGC D. IOCL
Explanation: State-run Oil and Natural Gas Corporation (ONGC) will acquire the 51.1% government stake in Hindustan Petroleum Corporation (HPCL) at a cost of Rs. 36,915 billion. The deal is expected to be completed by the end of January 2018. The deal will also help the government to surpass the disinvestment target of Rs 725 billion for 2017-18. As of 11 January 2018, the total disinvestment proceeds for the current fiscal year stood at Rs 543.3 billion and this will be for the first time since 2009 that a government will be surpassing its disinvestment target. According to a statement issued by ONGC, it has entered into a share purchase agreement with the President of India for acquiring the shares of HPCL (representing 51.11% of HPCL). This acquisition is in line with the government’s objective to combine the Central Public Sector Enterprises to give them the capacity to bear higher risks and avail themselves of economies of scale..............Check More at INDIA GK" App: tinyurl.com/IndiaGK