Government may fund HPCL's $1.9 bn green projects via ONGC rights issue
Hindustan Times|November 24, 2023
The government plans to ask state-run Oil and Natural Gas Corp (ONGC) to consider launching a rights issue to help fund green projects at refining arm Hindustan Petroleum Corp Ltd (HPCL), two people aware about the development said, an exercise that could raise about $1.9 billion.
Government may fund HPCL's $1.9 bn green projects via ONGC rights issue

The comments come after the finance minister announced a plan this year to provide equity of ₹30,000 crore ($3.6 billion) to help the big state oil refiners move towards cleaner energy.

The government is weighing options for HPCL, including directly providing loans at preferential rates, said the people cited above, who have direct knowledge of the matter. They sought anonymity as they were not authorised to speak with media.

The oil ministry is awaiting a response from the finance ministry on the plan for ONGC to launch a rights issue, one of the people said.

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