The Department of Investment and Public Asset Management is expected to seek cabinet approval soon for the Oil and Natural Gas Corporation (ONGC) to buy the central government’s entire stake (51.11 per cent) in Hindustan Petroleum Corporation Limited (HPCL). The move is based on the recommendations of consultancy firm Deloitte Touche Tohmatsu India Private Limited, which the Ministry of Petroleum and Natural Gas (MoPNG) had appointed to suggest ways of restructuring state firms. The divestment of the HPCL stake is likely to help the government generate resources that could be deployed for social welfare.
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