We understand an open offer will not apply, says D K Sarraf

Oil and Natural Gas Corporation (ONGC) is the country’s biggest oil and gas producer. But with global crude oil prices hovering around $50 a barrel, it wants to neutralise its risk of the subdued market through a significant downstream presence. In an interview with Jyoti Mukul, its chairman and managing director D K SARRAF says integration with Hindustan Petroleum Corporation (HPCL) will be beneficial for both the companies: Edited excerpts: 
 
Will ONGC be buying government stake of 51 per cent in HPCL?
We will acquire the entire government stake in HPCL.
 
How will the takeover help your company?