ONGC completed the acquisition of a 51.11% stake in Hindustan Petroleum Corporation from the government of India.

ONGC, an Indian multinational crude oil and gas corporation, completed the acquisition of a 51.11% stake in Hindustan Petroleum Corporation, an Indian oil and natural gas company with its headquarters at Mumbai, from the government of India for $6.6bn. The acquisition has been undertaken in furtherance of the Government’s objective to combine the various central public sector enterprises to give them capacity to bear higher risks, avail economies of scale, take higher investment decisions and create more value for the stakeholders and create an ‘oil major’ which will be able to match the performance of international and domestic private sector oil and gas companies.