Govt starts taking call on Chinese investments, Indian cos Press (Note) 3
India, said people with knowledge of the matter. That’s prompted some Indian companies to resume their pursuit of government approval for joint ventures (JVs) with Chinese partners, they said. These approvals are being given on acase-by-case basis, the people said.
For instance, Haier Appliances India has got government nod to invest Rs 184 crore in AC component manufacturing after almost two-and-a-half years. The Department for Promotion of Industry & Internal Trade had directed the Chinese firm in November 2021 to take Press Note 3 clearance for its proposal under the production-linked incentive scheme for white goods.
Haier India president Satish NS confirmed the development. Industry executives said $2 billion auto component manufacturer Anand Group has sought Press Note 3 clearance to set up a JV with a Chinese partner to manufacture components. Uno Minda, another auto component manufacturer, has applied for approval of its proposed JV with China’s Suzhou Inovance Automotive Co to locally produce electric vehicle parts. Anand Group and Uno Minda did not respond to queries.
Dixon Technologies is preparing to file for Press Note 3 clearance for its proposed joint venture with HKC Corp for manufacturing liquid crystal modules, thin film transistor liquid crystal display modules and assembly of smartphones and televisions. Dixon will own majority shares. Following border tensions, the Indian government began looking askance at investments by Chinese companies in India.
Press Note 3 norms issued in 2020
