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Industry welcomes scrapping of Press Note 18

Last updated on: January 12, 2005 19:01 IST
India Inc on Tuesday welcomed the Centre's move to scrap the controversial Press Note 18 and said that it was an "irritant" which has been removed.

The confederation of Indian Industry chairman, S K Munjal told reporters at the sidelines of the CII summit here that it was a welcome move, which would help in the future joint ventures.

"We are very happy that the irritant has been removed for those entering into new JVs," Madhur Bajaj, vice-chairman of Bajaj Auto Ltd.

Govt scraps Press Note 18

Agreeing that it was a very good move, Sunil Mittal, managing director, Bharti Televentures, said "At least some progress has been made for future JVs so that they can function smoothly."

Chairman of Godrej & Boyce Manufacturing Company, Jamshyd Godrej said that it was a good solution. He added that it would bring more clarity in the policies of the government.

Sriram Group chairman Arun Bharat Ram said it was a progressive move and added that the government had also tried to protect the Indian partners in a fair way by not disturbing the past JVs.

Rajive Kaul, chairman of Nicco Corporation, said that it was a move in the right direction.

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