The Government of India has reviewed the country’s FDI policy to ensure companies outside of India do not take advantage of the pandemic to make opportunistic takeovers or acquisitions of Indian companies, stated the MNRE that’s headed by RK Singh (in the picture). (Photo Credit: Press Information Bureau)
- MNRE has announced the creation of a FDI cell under the aegis of the ministry
- It will be headed by MNRE Joint Secretary for Solar, Amitesh Kumar Sinha and MNRE Director Ruchin Gupta
- The cell will look after the processing of FDI proposals to curb opportunistic takeovers of Indian companies during COVID-19 pandemic
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The Indian Ministry of new and Renewable Energy (MNRE) has created a new Foreign Direct Investment (FDI) cell for processing of FDI proposals. The cell will comprise to 2 officers namely Joint Secretary (Solar), MNRE (Nodal Officer) Amitesh Kumar Sinha and Director, MNRE Ruchin Gupta.
In a brief order issued, the ministry said the decision comes in the wake of the Government of India reviewing the FDI policy to curb ‘opportunistic takeovers/acquisitions of Indian companies due to current COVID-19 pandemic’.
In the wake of the COVID-19 pandemic related economic slump, the government fears vested interests from neighboring nations making unscrupulous investments in the country. “As informed by Department for Promotion of Industry and Internal Trade (DPIIT), an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under Government route and the FDI proposals involving investments from these countries shall now be processed by the concerned Administrative Ministry/Department,” the MNRE order reads.