Safeguards Sought For Foreign Firms In Jvs

In an apparent softening of stand, the Federation of Indian Chambers of Commerce and Industry (Ficci) today said if the government was amending the controversial Press Note 18, it should also ensure that the interests of the foreign collaborator was protected, apart from protecting the interests of the local partner.

Ficci was instrumental in getting the government to insert a clause in foreign investment joint ventures, whereby, a company which had or was having an existing (technical or financial) joint venture in the country, would require a no-objection certificate from the local partner, if it wanted to set up a different venture in the country.