MNRE establishes an FDI Cell to process foreign investment proposals

The MNRE has set up a new foreign direct investment (FDI) cell in the ministry for overseeing foreign direct investments coming into the sector. The cell will have two members of the MNRE – Amitesh Lumar Sinha, joint secretary (solar), and Ruchin Gupta, director. The function of the cell will be to process FDI proposals. The central government has recently reviewed its FDI policy to curb opportunistic takeovers and acquisitions of Indian companies in light of the pandemic. According to the Department for Promotion of Industry and Internal Trade, countries sharing their border with India or where the investor is situated in or is a citizen of any such country, can invest only under the government route and FDI proposals involving investments from these countries shall now be processed by the concerned administrative ministry and department. These countries are China, Bangladesh, Bhutan, Myanmar, Pakistan, Nepal and Afghanistan.

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