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Govt set to classify refineries as infra
Financial Express Mumbai
|September 15, 2025
The government will soon include refineries in the Harmonised Master List of Infrastructure, paving the way for Saudi Arabia's sovereign wealth fund — Public Investment Fund (PIF) — and its subsidiaries to avail tax exemption on dividends, interest, and long-term capital gains (LTCG) on their proposed investments in refinery projects in India, sources said.
The development assumes importance as PIF or its subsidiaries, on behalf of Saudi Aramco, may pick up 20% stake each in the two new large refineries being planned by India's state-run firms ONGC and BPCL on the country's west and east coast, respectively. Aramco's initial investments in both the units could be around ₹24,000 crore ($2.8 billion) including a debt component commensurate with equity. The investments could later be jacked up to $5 billion.
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