REVISION OF EXISTING SECTORAL GUIDELINES FOR FDI,
INCLUDING INVESTMENT BY NON-RESIDENT INDIANS AND OVERSEAS CORPORATE
BODIES
PRESS
NOTE
As
part of the ongoing liberalisation of the FDI
regime, the Government, in partial relaxation of the extant policy
which prohibits
FDI in the agriculture sector, including plantations, has decided
to allow FDI up to 100% in tea
sector,
including tea plantations. Proposals for FDI in tea sector will
require prior approval of the Central Government and would be
subject to following conditions:
- compulsory
divestment of 26% equity of the company in favour of an Indian
partner / Indian public within a period of five years; and
- prior
approval of the State Government concerned in case
of any future land use change.
The
above
dispensation would be applicable to all fresh investments
(FDI)
made in this sector from the date of this notification.
2.
The provisions of Press Note No. 2 (2000 series) dated 11.2.2000
stand modified to the above extent.
Department
of Industrial Policy & Promotion, Ministry of
Commerce & Industry, New Delhi, dated 5th July,
2002
