homevideos Newsenergy NewsONGC says MRPL HPCL merger is a work in progress; not right time for OVL listing
ONGC says MRPL-HPCL merger is a work in progress; not right time for OVL listing
State-owned Oil and Natural Gas Corporation (ONGC) on Monday said it's not the right time to list ONGC Videsh Ltd (OVL) overseas and added that merger of subsidiaries, Mangalore Refinery and Petrochemicals Limited (MRPL)-Hindustan Petroleum Corporation Limited (HPCL) is a work in progress.
State-owned Oil and Natural Gas Corporation (ONGC) on Monday said it's not the right time to list ONGC Videsh Ltd (OVL) overseas and added that merger of subsidiaries, Mangalore Refinery and Petrochemicals Limited (MRPL)-Hindustan Petroleum Corporation Limited (HPCL) is a work in progress.
In an interview to CNBC-TV18's Anshu Sharma, Shashi Shanker, chairman, said, "There is a communication from department of investment and public asset management (DIPAM) for buyback and we said that we have an exemption. Decision has not yet been taken.”
Shanker said, "There is some communication from their side for share buyback and we have given reason why we got to hold it for some more time."
When asked about if government looking for offer for sale (OFS) for divestment, Shanker said, "It's an old decision and was taken about a year ago.”
First Published: Oct 1, 2018 3:50 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
2024 Lok Sabha Elections | Will Amethi and Rae Bareli see the rise of Priyanka Gandhi as a dominant political figure
May 18, 2024 8:59 AM
Lok Sabha Election 2024: I.N.D.I.A. bloc to hold rally at Mumbai's BKC today
May 17, 2024 5:18 PM
In Ayodhya, voters talk of a promise fulfilled and yearning for development
May 17, 2024 2:10 PM
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM