CURRENT AFFAIRS

2021

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Cabinet approves how much FDI in PSU refiners to aid BPCL sale?
A
100%
B
50%
C
49%
D
23%
Explanation: 

Detailed explanation-1: -The Union Cabinet on Thursday approved a proposal to allow 100 per cent foreign direct investment (FDI) in public sector refiners, expanding the scope for FDI in the privatisation of Bharat Petroleum Corporation Ltd (BPCL).

Detailed explanation-2: -The Department for Promotion of Industry and Internal Trade (DPIIT) said in a Press Note that up to 100% FDI under the automatic route for petroleum refiners and in those without any disinvestment or dilution of domestic equity in the existing PSUs at 49%.

Detailed explanation-3: -Bharat Petroleum Corporation Limited BPCL, a Maharatna PSU, aims to efficiently meet the energy needs of our nation with a combined refining capacity of over 40 MMT through refineries in Mumbai, Kochi, Numaligarh and Bina, which are strategically located.

Detailed explanation-4: -The FDI limit will be 49 per cent, via automatic route, for ‘petroleum refining by the PSUs without any disinvestment or dilution of domestic equity in the existing PSUs’.

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