(PTI)
Hindustan Petroleum Corp’s plans to acquire Mangalore Refinery and Petrochemicals (MRPL) has hit a cash hurdle, with parent ONGC preferring a cash deal rather than a share-swap, sources aware of the development said.
Oil and Natural Gas Corp (ONGC), India’s biggest oil and gas producer, last year completed acquisition of Hindustan Petroleum Corp (HPCL) for Rs 36,915 crore. After this takeover, ONGC has two refining subsidiaries — HPCL and MRPL.
