FDI policy in petroleum refining now permits increased foreign equity with prior approval; compulsory divestment removed. The Press Note removes the prior compulsory divestment requirement for foreign equity in actual trading and marketing of petroleum products, and permits foreign investment up to 49% in petroleum refining by Public Sector Undertakings subject to prior approval of the FIPB, without dilution of existing domestic PSU equity; it also reaffirms automatic-route FDI permissions for private-sector exploration, marketing, pipelines and refining.
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FDI policy in petroleum refining now permits increased foreign equity with prior approval; compulsory divestment removed.
The Press Note removes the prior compulsory divestment requirement for foreign equity in actual trading and marketing of petroleum products, and permits foreign investment up to 49% in petroleum refining by Public Sector Undertakings subject to prior approval of the FIPB, without dilution of existing domestic PSU equity; it also reaffirms automatic-route FDI permissions for private-sector exploration, marketing, pipelines and refining.
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