The Ministry of New and Renewable Energy (MNRE) has set up a new FDI cell for taking care of the foreign direct investment entering the sector. The cell will be formed by two members of the MNRE; AmiteshLumarSinha, joint-secretary solar and Ruchin Gupta, director. The function of the cell will be to process FDI proposals.
The central government has recently reviewed India’s foreign direct investment policy for curbing opportunistic takeovers and acquisitions of Indian companies due to the current coronavirus pandemic. According to the Department for Promotion of Industry and Internal Trade, countries sharing a land border with India or where the beneficial owner of 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 and department. These countries include China, Bangladesh, Bhutan, Myanmar, Pakistan, Nepal and Afghanistan.