Hike in overseas investment to 300% of net a judicious step

New Delhi, June 15 (UNI) Industry chamber Assocham today welcomed Reserve Bank of India (RBI) initiative for permitting domestic corporates to invest 300 per cent of their net worth for overseas investment.

The chamber described the move as judicious as it will help Indian industry to go on aggressive path for overseas acquisitions and take over.

The ceiling was 200 per cent earlier, which was inadequate for overseas mergers, particularly at times when domestic business was expanding at a high rate.

Assocham President Venugopal N Dhoot complimented the apex bank saying this ceiling would further boost the Indian industry growth story.

UNI