The Union Government is set to acquire a significa... moreThe 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.
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