The new FDI policy excluding indirect foreign stakes from sectoral caps will not be applicable to the insurance sector, while the fine-print issued today does not debar overseas players from investing in multi-brand retail through a parent company “owned and controlled” by an Indian.
Though Kamal Nath said the amendments in the guidelines did not open gates for the likes of the Wal-Mart into multi-brand retail, officials admitted the revised policy could enable FDI into the politically sensitive sector.
