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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY)
SIFY 10.38-3.4%Nov 21 9:30 AM EST
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To: SKIP PAUL who wrote (674)2/11/2000 1:31:00 PM
From: Mohan Marette  Read Replies (1) of 1471
 
New foreign investment policy-Automatic clearance for most industries.

It could very well be. All in all there are a lot of positive news coming out of India on the economic front. Also the budget coming out on Feb of 29th is expected to be very investor friendly for both domestic and foreign investors. A rate cut is also expected.

Here is one such news.
===============

New foreign investment policy

02-11-2000 20:40:58

The government today formally announced it would allow automatic clearance to foreign direct investment (FDI) in all business activities, except a few sectors. Automatic clearance would mean that no permission would be required from the government for investment in any sector. A government statement said foreign firms seeking to buy more than 24% stake in firms falling in the small scale sector would not be permitted automatic clearance.

India reserves some items for small-scale manufacture. The statement said foreign firms seeking to make new investments in a business venture where they already have a tie up in India would also not be allowed automatic approval. The government also said foreign and overseas-based Indian investors would also not be allowed automatic approval for acquisition of shares in an Indian company.

It also said foreign investments in companies which cross caps on foreign stakes would also not qualify for automatic clearance.

Foreign investment proposals in state-run firms and export units would be permitted automatic clearance, subject to minor checks.

Source: Reuters
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