Last week the Hindustan Petroleum Corporation Limited (HPCL) recognised the Oil and Natural Gas Corporation (ONGC) as its promoter in a revised filing with the Securities and Exchange Board of India (SEBI).
It could have, and should have, done it long ago as ONGC had acquired the government's entire stake in early 2018, and, by doing so, ONGC had become the major shareholder in HPCL with more than half the shares.
Indian government-owned companies – like Indian Oil Corporation (IOC), Hindustan Petroleum, Bharat Petroleum, etc.
– have been much lower in the list as compared to other national oil companies like Aramco of Saudi Arabia, Russian Gazprom, Malaysian Petronas, Brazilian Petrobras, PetroChina, and several others.
We should not worry about such a situation with strong and big private companies competing with public companies, and, hence, must make vested interests shed their fiefdom mentality.
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