ANI
23 Feb 2021, 20:18 GMT+10
New Delhi [India], February 23 (ANI): There is no change in the foreign direct investment (FDI) policy from China post disengagement and easing of tension between the two Asian giants.
The Commerce Ministry sources discarded recent media reports, which suggested that with easing of tensions at the border, India has given approval to various Chinese FDI's and many are in pipeline.
Government sources told ANI that there is no change or easing in FDIs from China as of now and nor it is planned in near future. All investments from China have to follow the procedures and government clearance route, nod will only be given to those investments that bear no implications on Indian security interests. Any Chinese company that potentially impinges on India's security will not be cleared.
Ever since the Galwan clash at the eastern border, India has tightened screws on Chinese investment inflows coming into India and has also banned several Chinese apps. Beijing says these actions are against the ethos and rules of the World Trade Organization (WTO).
However, the government sources say that three proposals, which are recently cleared are based in Hong Kong and one is a Japanese origin company; they are all security cleared.
Sources said clearance of investments had no linkage with disengagement as projected by some media reports. These proposals came up during the meeting on January 22 and were cleared by Ministry of Commerce and Industry on February 5.
Defence Minister Rajnath Singh announced disengagement plan on February 11 in the Upper House of the Parliament.
According to Commerce Ministry sources, one company that has got the go-ahead is Nippon Paint Holdings Co. Ltd, Japan (Nippon Japan). Nippon Japan is listed on the Tokyo stock exchange.
Another FDI proposal, which is cleared is of Citizen Watches (India) Private Limited (Citizen Watches (HK) Ltd, Hong Kong (Citizen Watches Hong Kong) which is 100 per cent held by Citizen Watches Company Limited, Japan (a company listed on the Tokyo Stock Exchange).
FDI proposal of Netplay Sports Private Limited is also recently cleared, according to commerce ministry sources, Netplay India is involved in sports, amusement and recreation activities. The investee company has set up a chain of sports facilities/centers for, inter alia, badminton, basketball, football. Four more sports centres are proposed to be opened with the investment funds. (ANI)
Get a daily dose of Breaking Property News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.
More InformationDUBLIN, Ireland - It will take until 2023 for Ireland to return to full employment following the Covid pandemic, Ireland's ...
© Provided by Xinhua Despite the impact of COVID-19 pandemic, Turkey's economy grew by 1.8 percent in 2020.ISTANBUL, March 1 ...
CAPE CANAVERAL, FLA. - Spacewalking astronauts ventured out Sunday to install support frames for new, high-efficiency solar panels arriving at ...
ROSARIO, La Union Feb 28 (PIA) - With the aim to help ease the movement of commodities in the area, ...
Zimbabwe is reaping the benefits of a commodities boom and good summer rains that are bolstering farm output.A series of ...
NEW YORK - When drained of glamour, what's left of the Golden Globes?That's one of the biggest questions heading into ...
A triad of intersecting world-wide pandemics simultaneously threatening humanity today are the end results of its own insatiable greedy human ...
ANNAPOLIS, Maryland - Maryland lawmakers and environmental groups rallied Wednesday for new legislation they say would improve the process of ...
French Prime Minister Jean Castex has called on police chiefs in 20 departments under heightened surveillance threatened by an explosion ...
Leveraging Design-Build Construction to Save Time, Money MiBiz: West Michigan Business News ...
Bahrain Construction Report 2021: Key Trends and Opportunities to 2025 - ResearchAndMarkets.com Business Wire ...
Construction to begin next month on Lane Parke Phase II AL.com ...