Hindustan Petroleum Corporation (HPCL) has submitted a proposal to the ministry of petroleum and natural gas to offer a voluntary retirement scheme (VRS) to its employees. The corporation intends to prune its staff strength by 15-20 per cent.
Incidentally, the government, which holds a 51.4 per cent stake in HPCL, plans to offload 26 of its equity in favour of a strategic partner.
The Centre is also diluting its holding in Bharat Petroleum Corporation, where it currently holds a 66 per cent stake.
A senior HPCL official confirmed that the corporation had sought the government