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Business News » Companies News

RBI may soon allow Indian companies to invest in start-ups abroad

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RBI may soon allow Indian companies to invest in start-ups abroad
Indian party should have minimum net worth of Rs 500 crore based on the last audited balance sheet. Photo: Wikipedia
Eligibility for Indian party Investment in Overseas Technology Fund

The Indian party should have a minimum networth of Rs. 500 crore based on the last audited balance sheet and shall be listed on the stock exchange;

It should not be in the caution list of the Reserve Bank (for long overdue export bills);

Its total overseas investment should not exceed 400 per cent of its networth ; and

The Indian party should have earned net profit in the last three years.

 

Reserve Bank of India (RBI) on Friday asked for feedback on guidelines for Indian companies wanting to invest in overseas start-ups

It said, "The Reserve Bank of India (RBI) has today placed on its website for comments/feedback, the proposed draft framework for according approval to Indian parties investing in overseas startups through an overseas technology fund under the Foreign Exchange Management "

The apex bank has been receiving references from various Indian parties displaying their interest to invest in overseas technology funds, which in turn will further invest in overseas technology start-ups.

The bank said, "The Reserve Bank has been receiving references from various Indian parties to invest in overseas technology funds which in turn will further invest in overseas technology startups. Such proposals generally do not meet the eligibility norms for making the overseas direct investment under the automatic route." 

It further said, "It is proposed that the Reserve Bank will deal with such requests under the approval route in terms of Regulation 9 of the same Notification, which enables an Indian party to seek prior approval if they do not satisfy the eligibility norms for automatic route."

Under  eligibility norms, it said the Indian party should have minimum net worth of Rs 500 crore  based on the last audited balance sheet and should be a listed company on stock exchanges.

Also, the companies should have net profit in their financial statement in the last three years.
 

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TAGS:
Reserve Bank of India (RBI)overseas start-upslisted companiesoverseas technology fundEconomyInvestment
Written By: ZeeBiz WebTeam
Updated: Fri, Sep 30, 2016
05:51 pm
Mumbai, ZeeBiz WebDesk
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