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Rare earth magnets and printed circuit boards are among 40 sub-sectors identified by the government for expedited clearance within 60 days of FDI proposals from China and other countries sharing land borders with India. The government has also laid out procedural guidelines for foreign direct investment (FDI) proposals from these countries - China, Pakistan, Bangladesh, Nepal, Bhutan, Myanmar and Afghanistan - in the specified sectors or activities, according to the updated standard operating procedure for processing of FDI proposals. The move follows a decision by the government in March to process and decide FDI proposals from these countries in specified manufacturing sectors or activities within 60 days. However, it has stated that in these cases, the majority shareholding and control of the investee entity will be with resident Indian citizens/or resident Indian entity owned and controlled by Indians at all times. The 40 sub-sectors are under six broad sectors - capital goods
The Trump administration is placing economic sanctions on a major China-based oil refinery and roughly 40 shipping companies and tankers involved in transporting Iranian oil. The move, announced Friday and first reported by The Associated Press, makes good on the Trump administration's threat to impose secondary sanctions on companies and countries that do business with Iran. It's also part of the Republican administration's overall ramped-up campaign to cut off Iran's key source of revenue - its oil exports. Concurrently, the US this month imposed a physical blockade on the Strait of Hormuz, the Persian Gulf waterway that is crucial to global energy supplies. These sanctions come just a few weeks before President Donald Trump and China's Xi Jinping are due to meet in China. Included in Friday's sanctions is Hengli Petrochemical's facility in the port city of Dalian, which has a processing capacity of roughly 400,000 barrels of crude oil per day, making it one of the biggest ...
Overseas companies having Chinese shareholding of up to 10 per cent will be eligible to invest in India under the automatic route across sectors; however, the relaxed FDI norms will not apply to entities registered in China/Hong Kong or other countries sharing land borders with India, a senior official said on Wednesday. Earlier, foreign firms with shareholders from these land border nations owning even a single share had to seek mandatory approval to invest in India in any sector. The Union Cabinet on March 10 made changes in the press note 3 of 2020 in this regard. Under the press note, investors from countries sharing land borders with India had to seek mandatory approval to invest in any sector. "All the restrictions for investors from land bordering countries (LBCs) are still applicable. There is no relaxation so far as entities or investors in LBCs are concerned. This relaxation is only for entities in non-LBCs and having beneficial owners from LBCs below 10 per cent and ...
Thomas Cook (India) Limited and its group company SOTC Travel on Monday announced the expansion of their China portfolio, promoting it as a key holiday destination for Indian travellers. This move is backed by a series of positive developments, including the strengthening of diplomatic relations between India and China, resumption of direct flight connectivity and a relaxed visa approval process -- all contributing to a renewed travel demand among Indians, Thomas Cook (India) stated. The growing interest is reflected by Thomas Cook India and SOTC's internal data, with departures selling out well in advance, even during a traditionally low-season (October-November). Capitalising on this strong consumer sentiment, the companies said they have expanded their China holidays portfolio. In addition to leisure travel, China's advanced infrastructure, expanding flight connectivity and return of trade events are also driving strong potential across both business travel and the MICE ...