The ministry of commerce and industry will soon clarify that 100% foreign direct investment (FDI) will be applicable in the privatization of Bharat Petroleum Corp. Ltd (BPCL), as the government is exiting the company. The move aims to remove any possibility of confusion, as FDI is now permitted only up to 49% in public sector petroleum refiners.
“100% FDI is already permissible in private sector refining. As BPCL is getting privatized by the government, the same should apply to it as well. DPIIT (department for promotion of industry and internal trade) will soon clarify this,” a government official said on the condition of anonymity.
