India on Wednesday approved a plan to sell the government`s stake in state refiner Hindustan Petroleum Corp Ltd (HPCL) to explorer Oil and Natural Gas Corp (ONGC), a source said, in a bid to create oil giants to compete with global rivals.
The Indian government owns 51.1 percent stake in HPCL.
"ONGC has forwarded a proposal to acquire HPCL. Process for in-principle approval for this proposal has been initiated," Oil Minister Dharmendra Pradhan told lawmakers earlier on Wednesday.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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