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Business deals

India consolidates oil sector with ONGC-HPCL merger

Critics say deal will only boost state coffers and not much else for the industry

A technician working at a desalter plant of Oil and Natural Gas Corp. on the outskirts of Ahmedabad, India.   © Reuters

NEW DELHI -- India's largest oil producer,  Oil and Natural Gas, has completed the acquisition of a controlling stake in the country's second largest oil retailer, Hindustan Petroleum, as part of government plans to consolidate the industry and create an "oil major."

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