Changes make FDI policy clear for foreigners: Mittal

BARCELONA: Welcoming India's new FDI guidelines, corporate leader Sunil Mittal on Tuesday said it is now clearly understood by the foreigners and gives them a holistic understanding of the entire economy.

Commenting on the changes in the foreign direct investment guidelines on the sidelines of World Mobile Congress here, Mittal said, "It's good to have a policy that is clearly understood by the foreigners."

"Now it is very uniform across the sectors. For the foreigners, it gives a clear understanding of the entire economy, rather than a sector-by-sector view," said the chief of India's leading telecom player Bharti Airtel.

"In the new policy, issues about Indian control and management are very clearly defined," he added.

Telecom sector figures among the top recipients of FDI in India over the recent past and Bharti Airtel itself has about 44-45 per cent of foreign direct investment.

Asked if new guidelines would help Bharti raise fresh FDI, Mittal, however, said there were no plan to raise funds and therefore, the new policy was neutral for the company.

"We are not looking at any market right now. There is no target currently being looked at," said the billionaire businessman to a query whether Bharti was looking at acquisitions.