India’s government cupboard accepted intend on Thursday to enable 100 percent international straight financial investment in state-run oil business in which a critical risk sale is introduced, a transfer to assist privatisation of Bharat Oil Corp, 2 federal government resources stated.


An employee trips a bike at a refinery in Mumbai, on Apr 24,2008 (Image: REUTERS/Punit Paranjpe)

BRAND-NEW DELHI: India’s government cupboard accepted intend on Thursday to enable 100 percent international straight financial investment in state-run oil business in which a critical risk sale is introduced, a transfer to assist privatisation of Bharat Oil Corp, 2 federal government resources stated.

” International financial investment approximately 100 percent under automated path is allowed situations where federal government has actually accorded in-principle authorization for critical disinvestment of the PSU (public industry task) participated in oil and also gas industry,” stated among the resources.

India thus far permits 49 percent international straight financial investment in state-run oil and also gas business. The federal government wishes to market its close to 53 percent risk in BPCL, India’s second-largest state-run refiner, in this fiscal year finishing in March 2022, as component of strategies to elevate 1.75 trillion rupees (US$235 billion) from risks in business.

( Coverage by Nidhi Verma; Creating by Manoj Kumar)



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