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If sources were to be believed, ONGC has used its internal resources to pay for the third of Rs 24,881 crore loan it had taken to buy HPCL. Earlier this year, the company got approval from the government to sell its stake in IOC and GAIL to repay the loan but has now decided otherwise. Acquisition of HPCL by ONGC led to the creation of nation’s first integrated oil company.
