Industry: Indian Business and Foreign Investment

Indian Business and Foreign Investment ONE of the major preoccupations of our apex chambers of commerce and industry in recent times has been lobbying the government against the setting up of whollyowned subsidiaries by foreign firms which already have functional joint ventures in India. The present rule on the subject says that such setting up of a subsidiary can be permitted provided the existing joint venture certifies that it has no objections to the new venture. Industry associations feel that this is not sufficient protection for the Indian partners of the joint venture and seek a bar on such wholly-owned subsidiaries.