Oil and Natural Gas Corp (ONGC), and not the government, is the promoter of Hindustan Petroleum Corp, Oil Minister Dharmendra Pradhan has clarified following confusion over who the real promoter of the state-run refiner was.
ONGC paid Rs 37,000 crore to buy the government’s entire 51.11% stake in HPCL earlier this year but the latter has refused to recognize the state-run explorer as its promoter in public filings. In the company’s shareholding details submitted to the stock exchanges, HPCL has listed the President of India as the promoter with zero share in the company while ONGC is listed as ‘public shareholder’. “Today it’s ONGC. Don’t go into technicality. ONGC has invested in it (HPCL),” Pradhan replied to a query on who the HPCL’s promoter was.