The Cabinet is likely to consider this month sale of government's 51 per cent stake in Hindustan Petroleum Corp Ltd to Oil and Natural Gas Corp for over Rs 26,000 crore. According to reports the Department of Investment and Public Asset Management (DIPAM) in the Ministry of Finance is moving a note for consideration of the Cabinet for divesting government's entire 51.11 per cent shareholding in India's third-biggest fuel retailer HPCL to oil producer ONGC. The Cabinet may take up the proposal this month. After the Cabinet nod, the government will move to appoint valuation and transaction advisers while ONGC too may decide to hire merchant bankers to arrive at the valuation of government shareholding.
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