The UPA government had banned FII and FPI investments in defence companies in August last year, post which the finance ministry tried to convince its defence counterpart to continue to allow institutional investors in the sector.
The Department of Industrial Policy and Promotion (DIPP) released a compendium on FDI refraining from relaxing norms to allow FII and FPIs in defence companies.
The UPA government had banned FII and FPI investments in defence companies in August last year, post which the finance ministry tried to convince its defence counterpart to continue to allow institutional investors in the sector.
According to DIPP sources, the change in the FDI policy could not be made due to the model code of conduct. However, giving some relief to the institutional investors, the DIPP said that the existing FII and FPI holdings in defence companies will be capped at levels seen on August 22, 2013.
The DIPP further added that no fresh institutional investment will be allowed in defence companies under any circumstances. This means that the existing FII or FPI investors will have the option to retain their existing holdings in defence companies.
It is interesting to note that the latest FDI compendium released today is the last such FDI policy document that the DIPP will release in the UPA II tenure.
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