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investment by Non resident

This query is : Resolved 
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(Querist)
22 September 2007 A foreign company has two JVS in india and for first JV the investment is through automatic route and for other he has taken FIPB . Now the company want to purchase more shares in the first JV(in which the investment through automatice audit) Company by issue of more shares.
My Ques
1 Whether first JV company requires any approval under FIPB or through Automatic route?
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Srinath A. N.

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Srinath A. N. (Expert)
04 October 2007 It is depending on the Sectoral Caps fixed by RBI. In case the the 1st JVs business is within the sectoral caps sunbsequent to further investment, then comapany neednot take FIPB approval and will fall under automatic route.
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