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Sep 30, 2021

Review of Foreign Direct Investment Policy on Petroleum & Natural Gas Sector

As per the Consolidated Foreign Direct Investment (‘FDI’) Policy Circular of 2020, foreign direct investment upto 49% is permitted under the automatic route for petroleum refining by the public sector undertakings (‘PSUs’), without any disinvestment or dilution of domestic equity in the existing PSUs. The Government of India has by way of Press Note 3 (2021 Series) dated July 29, 2021 amended the aforementioned by allowing foreign investment up to 100% under the automatic route in case an ‘in-principle’ approval for strategic disinvestment of a PSU has been granted by the Government. The Press Note will be effective from the date of FEMA notification, which is yet to be issued.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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