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

The centre is planning to ask the Oil and Natural Gas Corporation (ONGC) to consider launching a rights issue of around $1.9 billion to fu­nd green projects at its refining arm, Hindustan Petroleum Corpo­ration Limited (HPCL). This decision follows the government’s announcement of a plan to inject equity of Rs 300 billion ($3.6 billion) to support major state oil refiners in transitioning cleaner energy.