(ET)
State-owned oil major ONGC has said the preliminary discussion for its acquisition of India’s third-biggest fuel retailer HPCL has started and is going on at the ministerial level. “The talks are going on at ministerial level. We have not discussed it at the ONGC board. The petroleum ministry wants this to happen because if integration takes place, there will be value creation,” ONGC Director (onshore) Ved Prakash Mahawar told PTI here. Asked about reports on valuation of the deal between ONGC and Hindustan Petroleum Corporation Ltd (HPCL), he said: “These are only guesses. So far, no discussion has taken place at our board meeting.” Mahawar stressed that merger and acquisitions are strategic decisions of the company and the talks for acquiring HPCL are at a preliminary stage at present.
