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The Department of Industrial Policy and Promotion (DIPP) would soon come out with a clarification stating Press Note 1 of 2005 would not be applicable in cases where joint ventures involving foreign companies do not exist anymore. Press Note 1 makes it mandatory for a foreign company to get a no-objection certificate from its Indian partner before setting up a new business in the country in the same field. The Department is bringing out the clarification to clear confusion among foreign investors as they tend to seek Foreign Investment Promotion Board’s (FIPB’s) approval pertaining to PN-1 even if they have discontinued their partnerships.
