FDI policy review to be over in 6-8 weeks: Nath

“It will lay down clear-cut criteria for identifying direct and indirect holding and beneficial ownership. The new rules will not have any retrospective affect,” Nath added. Thus, agreements like the Vodafone-Hutch deal would not face any obstacles.

Referring to India’s economic relations with Mexico, Nath said, “Indian government will look into the possibility of a Preferential Trade Agreement (PTA). India is not only seeking FDI but also investing in the global market and can look at Mexico as an investment destination.”

The Mexican minister said, “Mexico is looking at easing visa problems. Our country will further open up business opportunities for Indian companies. Mexico’s National Development Plan provides opportunities for public private partnerships (PPPs). Indian companies should look for opportunities in the areas of pharmaceuticals, agriculture and technology through PPPs.”

Sojo, however, ruled out any possibility of private entry into the oil and gas industry in his country as that is considered a sensitive sector.