Hindustan Petroleum stake sale gets nod: source
The sale to India's biggest oil and gas explorer creates an oil giant comparable with international rivals that could weather crude-price volatility
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New Delhi
INDIA approved the sale of a stake in state-run refiner Hindustan Petroleum Corp (HPCL) to the country's biggest oil and gas explorer, according to a person with knowledge of the decision.
The move fulfils a plan, first outlined in February, to create an Indian oil giant through consolidation and mergers, forming a company comparable with international rivals that could weather crude-price volatility.
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