Cabinet nod for 100% FDI in oil PSUS

The Union Cabinet has approved a proposal to allow 100 per cent FDI in public sector refiners, expanding the scope for FDI in privatisation of Bharat Petroleum Corporation (BPCL). The approval by the Cabinet will enable the sale of the government’s 52.98 per cent stake in BPCL to a foreign buyer, and, at the same time, will open the door for FDI in other public sector companies in the oil sector put up for privatisation. FDI up to 100 per cent will be allowed under the automatic route in cases where a PSU in the oil and gas sector has received in-principle approval for strategic divestment.