The Cabinet has approved a policy that mandates state oil firms to prefer vendors meeting the local content targets in a move aimed at pushing ‘Make in India’ in the hydrocarbon sector.
Under the policy approved Wednesday, the targets for local content will be decided for certain oil and gas business activities, according to an official statement. The suppliers meeting the local content targets, and whose quoted price is within 10% of the lowest valid price bid, would be eligible for preferential treatment for a certain portion of the purchase order on matching the financial bids, the statement said.
The policy will be in force for five years and apply to all state oil and gas companies, their wholly owned subsidiaries, and majority-owned joint ventures. Read More…
Credit By: The Economic Times
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