The Reserve Bank of India (RBI) has granted permission to Navratna Public Sector Undertakings (PSU) - ONGC Videsh (OVL) and Oil India (OIL) to make investments in the overseas incorporated Joint Ventures/Wholly Owned Subsidiaries in the oil sector.
Investments made by these PSUs for analyzing and drilling for oil and natural gas, duly approved by the Government of India, will be without any limits under the automatic route.
Earlier, OVL and OIL were allowed to invest only in overseas unincorporated entities in oil sector without any limits under the automatic route.