FDI

The union Cabinet has hinted that it is likely to consider a proposal to increase FDI cap in joint sector refinery projects to 74 per cent from the current 26 per cent.The government move will allow India-born billionaire Lakshmi Narayan Mittal to have 49 per cent in state-run HPCL's Bhatinda project.The Petroleum Ministry has moved a Cabinet note for raising the FDI limit. The proposal is likely to be considered at today's meeting of the Union Cabinet.The proposal has come after a cooperation agreement that Mittal signed with HPCL in January to acquire 49 per cent in the PSU's three billion dollar refinery project in Punjab.