New Delhi: Many reputed business houses try to mislead readers, giving a story impact that India is allowing 150 investment proposals from Chinese companies. This gives a sense that the Indian government was just waiting for disengagement after the border dispute.
The Commerce Ministry sources discarded recent media reports, which suggested that India has given approval to various Chinese FDI’s and many are in the pipeline with the easing of tensions at the border. Government sources told ANI that there is no change or easing in FDIs from China, nor is it planned in the 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. 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.
These proposals came up during the meeting on January 22 and were cleared by the Ministry of Commerce and Industry on February 5. Defence Minister Rajnath Singh announced the disengagement plan on February 11 in the Upper House of the Parliament.
An inter-ministerial committee with joint secretaries from various ministries and departments was set up last year to help the home secretary-headed panel examine proposals with minor investments from Hong Kong and China.
The IMC will clear the proposals from China only on a case by case basis,” the official added.
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).
Third by Hong Kong-based NRIs in Hyderabad-based Netplay Sports Pvt Ltd.
