(BS)
State-run Oil and Natural Gas Corporation (ONGC) said on Friday the proposed merger of its subsidiaries, Hindustan Petroleum Corporation (HPCL), and Mangalore Refinery and Petrochemicals (MRPL), would happen next year. The largest hydrocarbon producer in India has lined up a capital expenditure of Rs 32,921 crore during 2019-20, compared to Rs 29,449 crore during the previous financial year.
Addressing the media after the company’s annual general meeting, Chairman and Managing Director Shashi Shanker said: “The proposed merger is in progress and will happen next year. We will appoint a consultant soon.” The plan to bring the refining and marketing business of ONGC under an umbrella came after the company acquired 51.11 per cent stake in HPCL for Rs 36,915 crore in January 2018.
ONGC said investments on 27 projects to the tune of Rs 86,000 crore is currently being executed. The company has also come out with a road map for 2040, including investments of around $1 billion in initiatives like hydrogen fuel, lithium mining, and artificial intelligence.
