India’s Defense Ministry plans to raise the 26% cap on foreign direct investment in the country’s defense industry, a move aimed at attracting global military and aerospace companies to invest in the country. The move will facilitate the development of a multi-role transport aircraft by the state-run Hindustan Aeronautics Ltd, the ministry said in a statement late Wednesday. The government is also keen to encourage the country’s private sector to play an active role in an industry dominated by state-run companies. Indian companies such as Larsen & Toubro and the Tata Group are in talks with global defense companies to establish manufacturing units in the country.
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http://www.livemint.com/2008/04/24151236/
India-to-raise-26-cap-on-fore.html
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