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HPCL to become subsidiary of ONGC

In a regulatory filing, state-owned Oil and Natural Gas Corp ( ONGC) has informed that its board has given "in-principle" approval to acquire govt's 51.11% stake in Hindustan Petroleum Corp Ltd (HPCL). The board constituted a committee of directors to "examine various aspects" of the acquisition and "to provide its recommendations to the board of directors", ONGC said. The govt has already okayed the sale from its end.