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 per cent 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 per cent for firms not lined up for asset sales.
India needs to find a buyer for its 53 per cent stake in BPCL, one of two major state firms — the other being Air India Ltd. —
