Public sector undertakings (PSUS) Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum Corporation (HPCL) have been developing synergies since the former bought the government stake in HPCL in a *36,000-crore deal over three years ago.
Unresolved issues, however, continue to remain with the two PSUS, which work under the administrative control of the Union Ministry of Petroleum and Natural Gas.
According to officials, the ONGC management is unhappy because the purchase of the government stake in HPCL has left the oil exploration major with a tight cash position and despite holding a controlling stake in HPCL, it has no managerial control of the company.
The Centre, through the Public Enterprises Selection Board (PESB), continues to recommend appointments to senior positions in HPCL without consulting ONGC, said an official.
This story is from the November 15, 2021 edition of Business Standard.
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This story is from the November 15, 2021 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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