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Finance Ministry has asked the Foreign Investment Promotion Board (FIPB) to review the FDI policy in the telecom equipment manufacturing sector in a bid to tighten controls, according to reports.
Reports stated that at present, foreign equipment manufacturing companies are allowed to own 100% stake in their Indian subsidiaries.
The review follows a report released by a US Congressional panel that warned American companies against buying equipment from Huawei and ZTE.
While both Huawei and ZTE have dismissed these allegations, the Indian authorities want to do their own due diligence, says report.
India Infoline News Service / 08:59, Aug 25, 2014
The outlook is a flat start. The BankNifty has given a breakout but many of the large caps are remaining in a range keeping the main indices under pressure.