Can a Navratna Company in Oil and Gas sector in India, which are duly approved by the Government of India, invest in Overseas Unincorporated entities in oil sector without any limit under automatic route?

According to the Master Direction of Reserve Bank of India, Investment (or financial commitment) in unincorporated/ incorporated entities overseas in oil sector under the Automatic Route are as under: Investments (or financial commitment) in unincorporated / incorporated entities overseas in the oil sector (i.e. for exploration and drilling for oil and natural gas, etc.) by Navaratna PSUs, ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) may be permitted by AD Category - I banks, without any limit, provided such investments are approved by the competent authority. Other Indian companies are also permitted under the Automatic Route to invest in unincorporated entities overseas in the oil sector up to the limit prescribed provided the proposal has been approved by the competent authority and is duly supported by certified copy of the Board resolution approving such investment. Investment in excess of the prescribed limit shall require prior approval of the Reserve Bank. In view of the above, Navaratna Company which are duly approved by the Government of India, invest in overseas Unincorporated entities in oil sector without any limits, under the automatic route.