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ONGC board gives nod to explore group restructuring options

The board of state-owned Oil and Natural Gas Corp (ONGC) has given in-principle approval for exploring options for a restructuring of the group firms including the merger of subsidiaries MRPL and HPCL.

The India’s largest oil and gas producer, ONGC has several subsidiaries and joint ventures including two in refining sector – Hindustan Petroleum Corp Ltd and Mangalore Refinery and Petrochemicals Ltd and two petrochemical units – ONGC Petro additions Ltd (OPaL) and ONGC Mangalore Petrochemicals Ltd. It also has an overseas investment arm in ONGC Videsh Ltd.

“The board of directors of ONGC, at the 308th meeting held on June 29, accorded its in-principle approval for exploring options for the restructuring of ONGC group companies,” the company said in a regulatory filing.

 While ONGC did not provide details of the proposed restructuring, sources in the company said an advisor would be appointed to suggest possible options.
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