India is reportedly considering urging state-run Oil and Natural Gas Corp (ONGC) to launch a rights issue, potentially raising around $1.9 billion to fund green projects at refining arm Hindustan Petroleum Corp (HPCL). This move aligns with India’s plan to allocate $3.6 billion to support state oil refiners in transitioning to cleaner energy. The government is exploring various options for HPCL, including providing loans at preferential rates. If approved, ONGC’s rights issue could amount to approximately $1.86 billion. The government holds a 58.93% stake in ONGC, which acquired a 51.1% stake in HPCL in 2018. Other major state refiners are also planning rights issues to achieve net-zero emissions by 2040.
India Considers ONGC Rights Issue to Fund Green Projects at HPCL
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