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of <h1>Revised Guidelines for Joint Venture Car Manufacturers: Import Licensing, Indigenization Targets, and Export Obligations in India.</h1> The circular outlines revised guidelines for joint venture car manufacturers in India regarding the import of CKD/SKD kits and components under a Memorandum of Understanding (MOU) with the government. Key requirements include establishing actual production facilities, achieving a minimum foreign equity of $50 million for new ventures, and reaching indigenization levels of 50% by the third year and 70% by the fifth year. Firms must also fulfill export obligations, balancing the value of imports with exports. The MOU scheme is enforced through import licensing, with annual progress reports required. Exceptions apply to certain vehicle manufacturers.
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