India clarifies investment for Chinese companies

It has been said that the Government of India has clarified that the proposal to give approval to any Chinese company for investment is not being considered Hindustan Times reported.

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This news has come at a time when the soldiers of both the countries have retreated on Pangong Lake, one of the many tensions on the border between India and China, due to which the tension has lessened than before.

According to the news, India has completely rejected the news which said that India has approved 45 investment proposals of China.

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An official was quoted in the news as saying, "This report is factually incorrect. The government has not approved China's investment at any stage.

He said that the government must approve three Hong Kong investment proposals, of which two companies are from Japan and the third is Non-Resident Indian Group (NRI).

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A foreign ministry official said any suggestion that New Delhi was ready to abruptly change its stand on foreign investment from China was grounded in an inadequate appreciation of New Delhi’s position on the border friction in the Ladakh sector.

The foreign investors proposing investment, in this case, include Nippon Paint Holdings Co. Ltd, Japan, Nipsea International Limited, Hong Kong - it is a 100% subsidiary of Nipsea Holdings International Limited whose ultimate beneficial owners are, among others, the Goh family who are citizens of Singapore, Netherlands and Australia; and FraserHong Kong.

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