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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.
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.