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Government rushes in to check takeover of Indian companies after China scoops up HDFC stake
The government has rushed in to amend foreign direct investment (FDI) policy to monitor and check investments into Indian companies from neighbouring countries after it was revealed that China's central bank has raised equity stake in HDFC above 1 per cent. The Department of Promotion of Industry and Internal Trade (DPIIT) has amended the FDI policy to curb the opportunistic takeovers and acquisitions of Indian companies amid ongoing coronavirus (COVID-19) pandemic. Last week, HDFC (Housing Development Finance Corporation) revealed a surprise shareholder, the People's Bank of China (PBOC), in a disclosure to the stock exchanges. According to the data provided by India's largest financier the Chinese central bank held 1.75 crore shares of the company at the end of March 2020. At current prices, the value of PBOC's holding is close to Rs 3,000 crore.
DPIIT, today issued a notification saying that all activities in which foreign investment is permitted, if being received from countries with which India shares land border, shall be under approval route. "A non-resident entity can invest in India, subject to the FDI policy except in those sectors/activities which are prohibited," the notification read. It further states that the people or entities of Pakistan will now be allowed to invest in Indian companies, only under the government route, and will not be allowed to invest in defence, space, atomic energy sectors. Further, the restrictions announced today will also apply to the existing or future FDI transfer to India's neighbouring countries.
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