Centre plans to ask ONGC to consider rights issue to fund HPCL

The Centre plans to ask Oil and Natural Gas Corporation to consider launching a rights issue of around $1.9 billion to help fund green projects at refining arm Hindustan Petroleum Corporation Limited (HPCL). The move comes after the Centre announced a plan to provide equity of Rs 300 billion ($3.6 billion) to help the big state oil refiners move towards cleaner energy.