Published 08:59 IST, April 19th 2020

This is the full document of India's big move to block FDI from China via automatic route

Govt has introduced stricter measures to curb opportunistic takeover of Indian companies due to ongoing COVID-19 pandemic by firms in neighbouring countries.

Reported by: Jay Pandya
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Central government on Saturday me its prior approval mandatory for foreign investments from countries that share a land border with India to curb "opportunistic takeovers" of domestic firms following COVID-19 pandemic, a move which will restrict FDI from China. Countries that share land borders with India are China, Banglesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan.

Policy amended for curbing "opportunistic takeovers"

According to a press te issued by Department for promotion of Industry and Internal Tre (DPIIT), "An entity of a country, which shares a land border with India or where beneficial owner of investment into India is situated in or is a citizen of any such country, can invest only under government route." 

It said that government has amended FDI (foreign direct investment) policy to curb "opportunistic takeovers/acquisitions" of Indian companies on account of COVID-19 pandemic.

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Here is official statement released by DPIIT:

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With 957 new cases of COVID-19 in last 24 hours and 36 deaths, India's total count of Coronavirus cases has surged to 14,792, said Union Ministry of Health and Family Welfare on Saturday. total cases are inclusive of 2,014 cured and discharged patients, one migrated and 488 deaths. At present, re are 12,289 active COVID-19 cases in country.

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(With inputs from ncies)

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08:59 IST, April 19th 2020