Mangalore Refinery And Petrochemicals
Mangalore Refinery And Petrochemicals News
ONGC not to sell stake in IOC, GAIL in near future; repays close to third of Rs 24,881 cr loan to buy HPCL
ONGC had in January received government approval to sell its 13.77 percent stake in Indian Oil and 4.86 percent stake in GAIL to help fund the Rs 36,915 crore acquisition of HPCL.
At present, ONGC owns 71.63 percent stake in MRPL while HPCL has 16.96 percent
India, the world's third-biggest oil consumer, imports about 80 percent of its crude needs and Prime Minister Narendra Modi has set a target to cut dependence on oil imports by 10 percent by 2020.