(PTI)
State-owned Oil and Natural Gas Corp (ONGC) is likely to nominate one director on the board of recently acquired Hindustan Petroleum Corp Ltd (HPCL) while retaining all the present directors of the company.
ONGC late last month completed the acquisition of the government’s 51.11 percent stake in HPCL for Rs 36,915 crore. HPCL is now a subsidiary of ONGC.
Like its other major subsidiaries — Mangalore Refinery and Petrochemicals Ltd (MRPL) and ONGC Videsh Ltd, ONGC is likely to nominate just one director on the board of HPCL, sources privy to the development said.
