MAJOR SOPS FOR NRI COMMUNITY (removal of the $100-million ceiling to increase flexibility for large Indian companies in acquisitions abroad).

(From India Business Insight)

Prime Minister Atal Behari Vajpayee has announced that henceforth Indian corporates will be freely permitted to make overseas investments up to 100 percent of their net worth. This could be either through an overseas joint venture or through wholly owned subsidiaries. With the removal of the ceiling of $100 million, there will be considerable flexibility for large Indian corporates in acquisitions and also a reduction on the time for tying up a deal. Indian corporate entities now also have permission to go global in the agricultural sector, which will enable Indian companies to take advantage of global opportunities and also to acquire …