NEW DELHI: The government today relaxed FDI norms for asset reconstruction companies (ARCs) by allowing 100 per cent overseas investments through automatic route.
Earlier, FDI up to 49 per cent was allowed under automatic route and beyond that through government-approval route.
Notifying the norms, a press note by the Department of Industrial Policy and Promotion (DIPP) stated that total share holding of an individual FII/FPI shall be below 10 per cent of the total paid-up capital.
This notification is in pursuance to the announcement made by the Finance Minister in his Budget speech.
FDI into the country has increased by 40 per cent to USD 29.44 billion during April-December 2015.