The government is considering a tweak in the current foreign direct investment (FDI) policy to allow overseas investors pick up majority stake in the India's second biggest oil refiner Bharat Petroleum Corporation (BPCL).
The government is privatising BPCL and is selling its entire 52.98 per cent stake in the company.
BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.