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Guidelines for FDI in construction notified
By Our Special Correspondent
NEW DELHI,
MARCH 4.
Pursuant to the recent decision allowing 100 per cent foreign direct investment (FDI) in the construction sector, the Government today came out with guidelines stipulating that investors will have to develop at least 50 per cent of the project within five years after obtaining clearance.
A minimum capitalisation of $10 million for wholly owned subsidiaries and $5 dollar for joint ventures with Indian partners has been made compulsory. The fund would have to be brought in within six months from the commencement of the business of the company.
In terms of the guidelines, FDI up to 100 per cent under the automatic route includes townships, housing, built-up infrastructure and construction development projects. Housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level infrastructure are all included in the list where FDI has been put on automatic route but it would not be restricted to these areas only, it has been clarified.
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