Authorities Eases International Funding Guidelines To Support Bharat Petroleum Sale: Report

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Cupboard has accepted plans to permit 100 per cent FDI in state-run oil corporations

The Union Cupboard accepted plans on Thursday to permit 100 per cent international direct funding in state-run oil corporations during which a strategic stake sale is introduced, a transfer to assist privatisation of Bharat Petroleum Corp, two authorities sources stated.

“International funding as much as 100 per cent below automated route is allowed in circumstances the place authorities has accorded in-principle approval for strategic disinvestment of the PSU (public sector endeavor) engaged in petroleum and pure fuel sector,” stated one of many sources.

India up to now permits 49 per cent international direct funding in state-run oil and fuel corporations. The federal government needs to promote its close to 53 per cent stake in BPCL, India’s second-largest state-run refiner, on this monetary yr ending in March 2022, as a part of plans to boost 1.75 trillion rupees ($23.5 billion) from stakes in corporations.

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