Shreya Nandi And Nikunj Ohri

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100% FDI in PSU refiners gets nod; to aid BPCL sale

100% FDI in PSU refiners gets nod; to aid BPCL sale

Rediff.com23 Jul 2021

The Union Cabinet on Thursday approved a proposal to allow 100 per cent foreign direct investment (FDI) in public sector refiners, expanding the scope for FDI in the privatisation of Bharat Petroleum Corporation Ltd (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.