Policy relating to the standard conditions applicable to foreign owned Indian holding companies requiring prior and specific approval of FIPB/Government for downstream investment in Annexure III activities, which qualify for Automatic Approval

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....NDUSTRIAL POLICY AND PROMOTION *** PRESS NOTE NO. 9 (1999 SERIES) SUBJECT: Policy relating to the standard conditions applicable to foreign owned Indian holding companies requiring prior and specific approval of FIPB/Government for downstream investment in Annexure III activities, which qualify for Automatic Approval. 1. The Government have reviewed the existing policy relating to the ....

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....ity base of the existing/fresh equity of the new joint venture company; d. the downstream investment involving setting up of an EOU/STP/EHTP project or items involving compulsory licensing; SSI reserved items; acquisition of existing stake in an Indian company by way of transfer/ as also buyback shall not be eligible for automatic approval and shall require prior approval of FIPB/Government; ....

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....preclude downstream operating companies to raise debt in the domestic market. 2. The above procedure will form part of the FIPB Guidelines and paragraph 11 (a) of the AGuidelines for the consideration of Foreign Direct Investment (FDI) proposals by the Foreign Investment Promotion Board (FIPB)@ notified vide Press Note NO. 3(1997 Series) shall stand modified accordingly in respect of down strea....