HPCL to retain its brand identity post ONGC deal, says Pradhan

Deal to result in significant synergies and cost optimisation, says petroleum minister

State-run Hindustan Petroleum Corporation (HPCL) will retain its cultural uniqueness and brand identity even after the strategic sale of 51.11 per cent government equity in the company to the Oil and Natural Gas Corporation (ONGC), Petroleum Minister Dharmendra Pradhan informed the Lok Sabha on Monday.

The Cabinet Committee on Economic Affairs had given its in-principle approval for the sale of government equity in HPCL, along with the transfer of management control to ONGC, on July 19 this year.

"The proposed acquisition in the oil sector will create a vertically integrated public sector oil-major company, having a presence across the entire