Cabinet to hike FDI cap in refineries

New Delhi, Nov 5 (UNI) The government today indicated that it would hike the foreign direct investment in new refineries from 26 per cent to 49 per cent.

Petroleum Secretary M S Srinivasan said the decision will be taken up by the Cabinet soon.

The move would mean that domestic players would be able to garner 49 per cent equity as loans from abroad to fund the project.

The growing energy demands have prompted the government to increase refining output.

UNI