London-based industrialist Swraj Paul on Friday met Prime Minister Narendra Modi and conveyed his appreciation of the recent decision of Indian government to treat NRI investments at par with resident investments.
Paul told Modi that the government's decision to allow such investment on non-repatriable basis was a welcome first step and that soon after the announcement he had made a personal investment of Rs 25 crore into a finance company operated by his Caparo Group in India.
Aiming to attract foreign funds, government recently decided that non-repatriable investments by NRIs, OCIs and PIOs will be treated as domestic investments and will not be subject to foreign direct investment caps.
Investments by NRIs under Schedule 4 of Foreign Exchange Management Act regulations will be deemed to be domestic investment at par with the investment made by residents.
Welcoming Modi's Make in India initiative, the NRI industrialist said that he had pumped in Rs 125 crore in the past three months to upgrade the facilities and expand the India business of his Caparo Group.
Caparo, founded in 1968, is a fast growing UK-based group with a ^1 billion turnover. Its India business comprise some 30 plants, most of them manufacturing automotive and engineering products.
Paul later called on former Prime Minister Manmohan Singh and Home Minister Rajnath Singh.
