GoM meet on plantation FDI deferred

NEW DELHI: The Union Cabinet would shortly consider and take a decision on the proposal to allow foreign direct investment in plantations, even as a meeting of the Group of Ministers on FDI scheduled on Wednesday was deferred owing to absence of most members.
Commerce and Industry Minister Murasoli Maran said the Cabinet would decide shortly the issue of allowing upto 100 per cent FDI in plantation sector with a mandatory divestment clause to sell 26 per cent over a five year period to the Indian partners.
He said as per the proposal the pre-FERA position prior to 1973 would be considered under which FDI in plantations was permitted with the mandatory dilution clause.
The goverment policy currently does not allow FDI in any plantation sector.
Meanwhile, the meeting of GoM slated for today was deferred since most of the members were unavailable.
IT and Telecom Minister Pramod Mahajan, SSI Minister Vasundhara Raje and Power Minister Suresh Prabhu who are all members of the GoM were out of Delhi.