ANI
23 Feb 2021, 15:48 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 Asia Pacific Star 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 Asia Pacific Star.
More InformationDHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
Chinese FM calls for joint efforts in finding right way for China, U.S. to get along China and the United States should work together...
New Delhi [India], July 12 (ANI): In a remarkable decision taken at the 47th Session of the World Heritage Committee, India's official...
How the Wests recklessness is testing Moscows nuclear patience A multipolar world is, by its nature, a nuclear one. Its conflicts...
The Hague [Netherlands], July 11 (ANI): Italy made history after securing qualification for the 2026 Men's T20 World Cup in India and...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...