Govt issues press note allowing 100% FDI in oil PSUs with ‘in-principle’ nod for strategic divestment

The government on Thursday allowed 100% foreign direct investment (FDI) under the automatic route for oil refiners in case an ‘in-principle’ approval for strategic disinvestment of a Public Sector Undertaking has been granted by it.

The Union Cabinet last week approved a proposal to allow 100% FDI for public sector oil refiners thereby expanding the scope for foreign investment in the privatisation of Bharat Petroleum Corporation Ltd.