Nod to 100% FDI in oil PSUs approved for stake sale

The government on Thursday permitted 100% foreign investment under the automatic route in oil and gas PSUs which have received in-principle approval for strategic disinvestment. The move would facilitate privatisation of India’s second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL).

The government is privatising BPCL and selling its entire 52.98% stake in the company.

According to a press note of the Department for Promotion of Industry and Internal Trade, a new clause has been added to the FDI policy for oil and natural gas sector.