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HomeIndia TakesDIPP FACES FLAK ON PROPOSAL OF COMPOSITE CAPS FOR FOREIGN INVESTMENTS

DIPP FACES FLAK ON PROPOSAL OF COMPOSITE CAPS FOR FOREIGN INVESTMENTS

inNEW DELHI: The department of industrial policy & promotion’s move to have composite caps for all foreign investment has run into rough weather, with many departments picking holes in the proposal.

 

DIPP has moved a cabinet note proposing introduction of composite foreign investment caps encompassing foreign portfolio investment, NRI investment, depository receipts, foreign currency convertible bonds and fully and mandatorily convertible preference shares or debentures.

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As per the draft note, mooted in July, in sectors with caps, government approval will be required where a foreign owned or controlled company is being set up, or control or ownership of Indian firm is being passed into foreign hands.

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