ONGC has initiated the process of acquiring a controlling stake in fellow PSU Hindustan Petroleum Corporation Ltd (HPCL). The transaction process may be concluded in the next few days and cost ONGC Rs. 36,915 crore. According to an ONGC statement, it has entered into a share purchase agreement with the President of India for acquiring the 778,845,375 equity shares of HPCL (representing 51.11 percent of HPCL) on January 20, 2018. The transaction is expected to be completed before end-January, the statement added. A statement from the Ministry of Finance said, "HPCL will continue to be a Central Public Sector Enterprise." The government's decision to create the 'oil major' was announced during the Finance Minister's 2017-18 Budget speech. The ONGC Board on Friday had considered the proposal and approved the acquisition of shares at a cash purchase consideration of Rs. 473.97 per share with a total acquisition cost of Rs. 36,915 crore, the statement added. Shares of HPCL had closed at Rs. 416.55 on Friday.