New Delhi, October 23:The Government had relaxed norms for setting up petrol pumps, allowing non-oil companies to venture into the business a move that could help private and foreign firms to enter the world’s fastest-growing market.
At present, to obtain a fuel retailing license in India, a company needs to invest Rs 2,000 crore in either hydrocarbon exploration and production, refining, pipelines or liquefied natural gas terminals.
Information and Broadcasting Minister Prakash Javadekar said that companies with a net worth of Rs 250 crore will be allowed to sell petrol and diesel subject to condition that they install facilities for marketing of at least one new generation alternate fuel such as CNG, LNG, biofuels or electric vehicle charging within three years of start of operations.
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