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June 2013

A. P. (DIR Series) Circular No. 99 dated 23rd April, 2013

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Investment by Navratna Public Sector Undertakings (PSUs), OVL and OIL in unincorporated entities in oil sector abroad

Presently, Navratna Public Sector Undertakings (PSUs) and ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) can invest in overseas unincorporated entities in the oil sector (for exploration and drilling for oil and natural gas, etc.), which are duly approved by the Government of India, without any limits under the automatic route.

This circular permits the Navratna Public Sector Undertakings (PSUs) and ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) can invest in overseas incorporated entities in the oil sector (for exploration and drilling for oil and natural gas, etc.), which are duly approved by the Government of India, without any limits under the automatic route.

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