RBI liberalises norms for PSU investment in oil sector overseas

MUMBAI: Liberalising investment norms for the oil and gas sector, RBI today allowed state run ONGC Videsh ( OVL) and Oil India (OIL) to invest in their incorporated overseas entities for exploration and drilling of oil and natural gas.

"On a review, it has now been decided that such facility is also extended to the overseas investments in the incorporated JV/WOS in oil sector (for exploration and drilling for oil and natural gas) by the navratna PSUs and OVL and OIL, which are duly approved by the government, without any limits under the automatic route," it said.

Earlier, the navratna PSUs, OVL and OIL were allowed to invest in overseas unincorporated entities only.