If the reports are to be believed, Oil and Natural Gas Corp (ONGC) and either Hindustan Petroleum Corp Ltd (HPCL) or Bharat Petroleum Corp Ltd (BPCL) will be merged into one entity. The same fate would also befall Indian Oil Corp (IOC) with Oil India Ltd (OIL).
In a statement Petroleum Secretary S. C. Tripathi said, “There is no proposal or move to merge oil companies. We are not considering it as of now.”
“There are lot of ideas mooted by the different stakeholders; merchant bankers, consultants and various other parties keep mooting various ideas [but] there mergers are big things [and] this cannot happen just like that. We have not even discussed such a proposal with the oil companies,” added the official without elaborating further.