Non oil companies can sell fuel in India |
Indian government on Wednesday opened up fuel retailing norms, allowing non-oil companies to set up petrol pumps to increase competition. Briefing reporters about the decisions taken by the Cabinet, I&B Minister Prakash Javadekar said the opening up the fuel retailing will increase investment and competition. At present, to obtain a fuel retailing licence in India, a company needs to invest ₹2,000 crore in either hydrocarbon exploration and production, refining, pipelines or liquefied natural gas (LNG) terminals. The Indian government has finalised 11 “ailing” Public Sector Units (PSUs) for strategic sale as part of its disinvestment plan. The government`s move, aims at meeting the fiscal deficit target and bring the country`s economy back on track. In its recent meeting with the Prime Minister`s Office, the finance ministry has set an ambitious target to offload government`s holdings. These 11 PSUs include Bharat Heavy Electricals, Andrew Yule & Co, ITDC`s Ashok Hotel, Balmer Lawrie Investments and Balmer Lawrie & Co, Mahanagar telephone Nigam (MTNL), Telecommunications Consultant India, National Textile Corporation, FCI Aravali Gypsum and Minerals India, Hindustan Copper, MECON and Braithwaite & Co. According to sources, the government is all set for a series of blockbuster divestments, lining up strategic sales of as many as 11 PSUs.
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