Categories: Business

The government makes it easy for foreign investment rules to assist BPCL sales: Reports

New Delhi: Union Cabinet approved a plan on Thursday to enable 100% direct foreign investment (FDI) in a government-managed oil company where strategic stock sales were announced, steps to help privatize Bharat Petroleum Corp, said two government sources.
“Foreign investment of up to 100% below the automatic route is permitted in cases where the government has approved the Principal Agreement to be disintegrated strategic PSU (public sector business) engaged in oil and natural gas,” said one source.
India has so far allowed 49% of direct foreign investment in the oil and gas company managed by the state.
The government wants to sell 53% of its shares in BPCL, refilling the second largest country, in this financial year ended in March 2022, as part of a plan to collect Rs 1.75 lakh crore ($ 23.5 billion) from the company’s shares.

news2in

Share
Published by
news2in

Recent Posts

44 ordered to attack the procession

Ludhiana: The police have submitted FIR to four identified and at least 40 unknown attackers…

3 years ago

Punjab: Police Reject conspiracy theory in the case of Deep Sidhu

Sonīpat / Ludhiana / Ambala: Actor Punjabi - Activist Activist Deep Sidhu, who died in…

3 years ago

Punjab: Hidden Strength Working Behind PM Narendra Modi, Arvind Kejriwal, said Rahul Gandhi

PATIALA / MANSA / BARNALA: Attacking Prime Minister Narendra Modi and AAP National Convener Kejriawal,…

3 years ago

BJP made AAP to endanger the Congress, said Ajay

Jalandhar: BJP and AAM AAM AADMI parties are one party, Secretary General of the Ajay…

3 years ago

Our job is to make Punjab No. 1 State: Meenakshi Lekhi

Ludhiana: Minister of Union Culture Meenakshi Lekhi while campaigning to support the BJP candidate from…

3 years ago

Feb 20 is an opportunity to change the destiny of Punjab and his children: Bhagwant Mann

Machhiwara (Ludhiana): AAM AAM AADMI Party (AAP) Head of Punjab Candidate and Members of Parliament…

3 years ago