ONGC Shares Surge On Deal To Buy Majority Stake In HPCL

ONGC will acquire the government’s entire stake in Hindustan Petroleum Corporation Limited

The decision of state-owned oil explorer ONGC to acquire government's 51 per cent stake in the petroleum refiner and retailer HPCL will help the former to step up its marketing strategy. "This order can change, because we won't sell the liquid assets in distress".

India has about a dozen state-owned oil and gas companies, with significant overlaps in operations.

With the completion of the deal, ONGC acquired 51.11 per cent in HPCL for a consideration of Rs. 473.97 per share.

The price it is paying is 14 per cent higher than Fridays closing price of HPCL and over 10 per cent of the 60 -day weighted average of the scrip.

HPCL Chairman M.K. Surana said on Monday the company would likely be merged with ONGC's subsidiary Mangalore Refinery and Petrochemicals Ltd to achieve synergy benefits in the refining and petrochemicals sectors, although he noted no discussions had yet taken place.

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Way back in February 2002, state-owned International Olympic Committee had acquired government's 33.58 per cent stake in fuel retailer IBP Co Ltd for Rs 1,153.68 crore and had to make an open offer for additional shares. Also, it has loan commitments from domestic and foreign lenders totalling roughly double the acquisition prices and the company would draw from them to make the payments in next one week, they said.

The transaction, which will help the government cross its annual sell-off (disinvestment) target for the first time ever, has been executed through an off-market deal. India also imports about 80 per cent of its crude needs.

The acquisition is part of a plan to create an oil major that was first outlined by Finance Minister Arun Jaitley while presenting the federal budget in February a year ago.

New Delhi:India could see more integration among state oil companies, its oil minister said on Monday, following top producer ONGC's $5.8 billion deal last week to buy a majority stake in refiner Hindustan Petroleum Corp. The CCEA has provided its in-principle approval for the transaction on 19 July 2017 and the alternate mechanism set up for the finalizing the price, terms and conditions of the transaction has accorded its final approval on 20th January 2018.

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