(PTI)
State-owned Oil and Natural Gas Corp (ONGC) has sought access to a data room to help fix the price at which it can acquire government’s 51.11 per cent stake in HPCL. India’s largest oil and gas producer has so far been given an information memorandum (IM) by government’s transaction advisor which ONGC feels is not sufficient to arrive at a valuation of Hindustan Petroleum Corp Ltd (HPCL), sources privy to the development said. ONGC, they said, wants to better understand HPCL’s financials, particularly the investments it has committed in projects like a greenfield refinery at Barmer in Rajasthan, before it embarks on buying the government stake which at today’s price is worth over Rs 32,600 crore.
