Foreign investment via automatic route allowed where strategic disinvestment in principle approval exists for PSU petroleum refining projects The FDI policy amendment creates a conditional exception for petroleum-sector PSUs: while private sector exploration, marketing, pipelines and refining remain allowed under the automatic route and PSU refining was previously subject to a lower foreign equity cap, foreign investment up to full foreign equity under the automatic route is permitted where an in principle approval for strategic disinvestment of a PSU has been granted; effectivity follows issuance of the applicable foreign exchange notification.