A growing number of inbound investment deals are being subjected to rigorous and long-drawn-out national security reviews
Aproposed US$7.2 billion joint venture between BP and Reliance Industries will give BP a 30% stake in Reliance’s oil and gas fields. If the deal goes ahead, it will be one of the largest foreign direct investments (FDI) in India’s history.
In an energy-starved country, a major injection of capital and technical know-how in oil and gas exploration would certainly be welcome. However, the proposal is far from being a done deal. In order for it to proceed, it must first satisfy a critical and lengthy national security assessment.
Like many other big-ticket transactions, the details of this deal, which was announced in February, have been sent to the Ministry of Home Affairs for a thorough security review.
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