The Cabinet may take up in the next few days a proposal of Department of Disinvestment (DIPAM) for the amalgamation of the state-run refiner Hindustan Petroleum Corp Ltd with the giant oil explorer Oil and Natural Gas Corp. However, even after the Cabinet seals the proposal, it may take over a year to complete the formality of sale of 51% equity stake in HPCL to ONGC. The Ministry of Petroleum and Natural Gas is learnt to be in favor of adopting a subsidiary model for combining the two oil PSUs instead of merging the companies, making ONGC the parent company of HPCL. However, the government would decide the final model of combining the two companies in few months. Further, the government will form a Group of Ministers (GoM) to frame guidelines, price, and timeframe for the share sale. Finance Minister Arun Jaitley, Transport Minister Nitin Gadkari, and Petroleum Minister Dharmendra Pradhan may be part of the proposed GoM.