Press Note No. 1 (2014) Series
1. Press Note No. 1 (2014 Series) dated January 08, 2014 has been issued by the Department of Industrial Policy & Promotion, Government of India, Ministry of Commerce & Industry. The web-link of the said Press Note is as below for ready reference:
2. Highlights of said Press Note are as below:
Press Note No. 1 (2014 Series) dated January 08, 2014 issued by the Department of Industrial Policy & Promotion, Government of India, Ministry of Commerce & Industry regarding ‘Review of the existing policy on Foreign Direct Investment in the Pharmaceutical Sector’
Paragraph 6.2.18 of ‘Circular 1 of 2013-Consolidated FDI Policy’, effective from April 05, 2013, relating to the Foreign Direct Investment Policy in the pharmaceuticals sector is as under:
|Note: Government may incorporate appropriate conditions for FDI in brownfield cases, at the time of granting approval.|
The Government of India has reviewed the position in this regard and decided that the existing policy would continue with the condition that ‘non-compete’ clause would not be allowed except in special circumstances with the approval of the Foreign Investment Promotion Board. This decision shall take immediate effect.