The Ministry of Commerce’s Department of Industrial Policy & Promotion has revised its foreign investment policy to impose a blanket ban on foreign direct investment (FDI) in the manufacture of cigars and cigarettes.
Prior to the announcement, 100% FDI in tobacco manufacturing was permitted with the approval of the Foreign Investment Promotion Board (FIPB). Manufacturers were also required to obtain an industrial licence under the Industries (Development & Regulation) Act, 1951.
Foreign tobacco companies have reacted angrily to the change, which will effectively stub out their expansion plans in India.
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