India is considering making it easier for foreign investors to acquire control of Bharat Petroleum Corp., according to people familiar with the matter, as the government tries to sell the state firm and bridge a widening budget deficit.
If the cabinet clears the proposal, overseas funds would no longer need government approval to purchase a 100% stake in state-run refiners cleared in-principle for disinvestment, the people said, asking not to be identified as the deliberations are private. The limit will stay 49% for firms not lined up for asset sales.
