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Change in FDI rules referred to GoM

Special Correspondent

NEW DELHI: The Cabinet Committee on Economic Affairs (CCEA) on Thursday decided to refer the proposal pertaining to easing foreign direct investment (FDI) norms in airports, mineral exploration and power trading to a Group of Ministers (GoM) to impart "more precision on formulation."

Disclosing this to newspersons here after the CCEA meeting, Finance Minister P. Chidambaram said the GoM, which is yet to be constituted, would suggest ways to provide more precision and send its recommendation to the CCEA. He said he did not expect the issue to take much time and the proposal would come up before the CCEA soon.

The CCEA deferred the proposal to allow IOC, ONGC and GAIL (India) Ltd. to sell their cross holdings.

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