September 11, 2013 9:19 PM

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Govt notifies changes in FDI policy

The government has notified changes in the FDI policy, paving the way for larger overseas investments in sectors such as multi-brand retail and telecom.Department of Economic Affairs Secretary Arvind Mayaram told reporters in New Delhi that it is effective from 22nd of last month.As per the revised guidelines, the government relaxed norms for multi-brand retail trading and eased the mandatory 30 per cent local sourcing norms for companies.It has also widened the definition of the term control for mergers and acquisitions involving overseas companies, a move that will provide more clarity to foreign investors.

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