Details clarified for FDI in construction development

The Department of Industrial Policy and Promotion recently issued a clarification on Press Note No. 10 of 2014 pertaining to FDI in the construction development sector:

1. No new FDI can be brought in the project if the minimum capitalization of US$5 million has not been achieved within six months of commencement of the project. If minimum capitalization was achieved, FDI can be brought in for 10 years or until the completion of the project, whichever is earlier.

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   The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.