New Delhi: The government on Thursday is cleaned by 100% FDI (direct foreign investment) through automatic routes in the public sector oil company, paving the way for foreign investors to acquire Bharat Petroleum Corporation, which is ready for sale.
Permit will enable foreign companies to invest in other government-managed oil companies that can divest the government in the future.
The current policy of FDI caps at the state-owned oil company is 49% but allows 100% foreign ownership in private sector entities.
Decisions will be implemented through executive orders and will not require legal amendments.
All three entities that have sent EOI (expressions of interest) have foreign investment.
Anil Agarwal Vedanta, through SPV with London-based parent resources, Apollo and Think gas management, has sent Eoiss to acquire 52.98% of government shares at BPCL.
The government cleanses 100% FDI in PSU oil because it paves the way for BPCL sales
