The Union Government is set to acquire a significant stake in Hindustan Petroleum Corporation Ltd (HPCL) to provide financial support to fuel retailers who incurred losses by selling petrol and diesel at discounted rates. The government has allotted ₹30,000 crore to state-run oil retailers and plans to make a preferential share allotment to HPCL. After rights issues of IOC and BPCL, the government will have around ₹9,000 crore to 10,000 crore left, which will be used for HPCL. The move aims to compensate for losses incurred by the companies during the Russia-Ukraine war and to support energy transition projects.
14 Aug 2023In addition to Madhouse acquisition, WPP has also decided to sell its stake in the current joint ventures with advertising firm Rediffusion
1 min read2 Aug 2018Life Insurance Corp. of India (LIC) has bought 86.75 lakh shares of Indiabulls Housing Finance Ltd, raising its stake to 7.23%
1 min read15 Nov 2017The government is making the decision after failing to draw investment from global oil majors in new fields
1 min read27 Sep 2017GMR Infra units GMR Energy Netherlands and GMR Infrastructure Overseas have entered into conditional share purchase pact with PT Golden Energy Mines Tbk
1 min read13 May 2017Blackstone has been the front-runner to buy 15% stake in the K. Raheja Corp's commercial real estate business for $250-300 million
1 min read30 Mar 2017Companies with foreign founders have seen a steady rise in promoter stakes over the last 10 years, while Indian promoters have reduced their stakes in firms run by them
3 min read13 Sep 2016Samsung's investment in BYD, backed by Warren Buffett's Berkshire Hathaway, would bolster its semiconductor business for cars
1 min read15 Jul 2016Rosneft OJSC is reportedly looking to sell a 19.5% stake in the company
2 min read23 Jun 2016The Finance Ministry is planning to launch a new Exchange Traded Fund (ETF) as an additional mechanism to monetise government's stake in listed PSUs and other companies.
2 min read21 Jun 2016The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared