FDI in state refineries may be hiked to 49%

The Cabinet will consider next week a proposal to allow 49% foreign direct investment in new refineries to be set up by state-run firms, oil secretary M.S. Srinivasan said.

By TNN | Nov 06, 2007, 06.30 AM IST

NEW DELHI: The Cabinet will consider next week a proposal to allow 49% foreign direct investment in new refineries to be set up by state-run firms, oil secretary M.S. Srinivasan said.

When asked if the government would allow higher foreign holdings in such plants, Mr Srinivasan said: "Yes. It is coming up in the Cabinet next week." Currently, FDI in state refineries are limited to 26%.

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