Guardian International's proposal okayed

The core group of secretaries of the Foreign Investment Promotion Board (FIPB), which met in New Delhi on Thursday, is of the view that Guardian International's proposal to set up a new wholly owned subsidiary does not violate the provisions of Press Note 1, 2006.

"The core group meeting was convened to consider if the provisions of Press Note 1 were being violated. Since this is not the case, Guardian can go ahead with its plans," an official said.