ONGC to appoint consultant to evaluate HPCL buy

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State-run Oil and Natural Gas Corporation (ONGC) is appointing a financial consultant to value its acquisition of Hindustan Petroleum Corp Ltd (HPCL).

“We are engaging a consultant to carry out valuations and we should finalise one by the end of this month,” Shashi Shanker, chairman and managing director of ONGC, said here on Saturday.

The department of investment and public asset management has begun the sale of the government’s stake in HPCL by appointing consultants and sending an information memorandum to ONGC. “We received an information memorandum from the department of investment last week. The acquisition is expected to conclude