India's federal cabinet approved plans on Thursday to allow 100per cent foreign direct investment in state-run oil companies in which a strategic stake sale is announced, a move to help privatisation of Bharat Petroleum Corp, two government sources said.
FILE PHOTO: A worker rides a bicycle at the Bharat Petroleum Corporation refinery in Mumbai, April 24, 2008. REUTERS/Punit ParanjpeNEW DELHI: India's federal cabinet approved plans on Thursday to allow 100per cent foreign direct investment in state-run oil companies in which a strategic stake sale is announced, a move to help privatisation of Bharat Petroleum Corp, two government sources said.
"Foreign investment up to 100per cent under automatic route is allowed in cases where government has accorded in-principle approval for strategic disinvestment of the PSU engaged in petroleum and natural gas sector," said one of the sources.India so far allows 49per cent foreign direct investment in state-run oil and gas companies.
Being cancer-stricken and begging CPF Board to repay overdue debt; that which in any case cannot be done as the money had been commingled and funneled to private entity Temasek Holdings for Ho Ching to wager on unviable, untenable and ultimately, invariably doomed gambles