HPCL stake sale to ONGC hits valuation hurdle; deal may complete this FY

This comes two days after ONGC had sent a request for proposals to banks for raising one-year loan of Rs 250 bn to acquire govt's stake in HPCL

The sale of the government's stake in Hindustan Petroleum Corporation (HPCL) to Oil and Natural Gas Corporation (ONGC) is stuck on valuation. According to persons close to the development, the effort was to close the deal before the end of the month but the government was looking at getting a higher value for its 51.1 per cent stake in HPCL.

A meeting regarding this was held at the Department of Investment and Public Asset Management (Dipam) on Friday, an official said. This comes two days after ONGC had sent a request for proposals to banks for raising one-year loan of Rs