Govt permits 100% FDI in oil & gas PSUs approved for disinvestment
The Department for Promotion of Industry and Internal Trade (DPIIT) on Thursday issued an executive order to allow 100 per cent foreign direct investment (FDI) under automatic route for oil and gas PSUs, in case an in-principle approval for strategic disinvestment has been approved by the government.
The development was followed by the Union Cabinet’s approval regarding the same on July 22. The move will expand the scope for FDI in the privatisation of Bharat Petroleum Corporation Ltd (BPCL) and enable the sale of the government’s 52.98 per cent stake in the company to a foreign buyer. It will also open the door for FDI in other public sector companies in the oil sector put up for privatisation.
