New Delhi, July 15 Defence Minister Arun Jaitley Tuesday said all security concerns related to raising the cap for foreign investment in defence will be taken care of and a security manual has been prepared for the private sector defence items manufacturing units.
“The government has finalised and put in public domain a security manual for private sector defence manufacturing units,” Jaitley said in a written reply in the Rajya Sabha.
“Since defence companies having foreign investment will have Indian management and control and foreign investment in such companies will be approved through Foreign Investment Promotion Board (FIPB) route, security concerns are duly taken care of,” Jaitley said.
FIPB is a government body that offers a single window clearance for proposals on Foreign Direct Investment (FDI) in India that are not allowed access through the automatic route.
The union budget revised the cap on FDI in defence sector to 49 percent with full Indian management and control.
