Colossus Venture India

In September 2020, the GoI announced increased FDI limits in Indian defense firms, although with some limitations.

Earlier, the foreign ownership in Indian defense companies could not exceed 49.0% without aforementioned governmental approval.

However, the new rules allow for up to 74.0% foreign investment, not considering government approval; though, the relaxation is constrained to companies looking for new industrial licenses.

Studies have indicated that several multinational corporations (MNCs) headquartered in the US and Europe are uncertain to enter in partnerships with Indian defense firms due to the fears surrounding prior governmental approval.

MNCs generally are hesitant to share their confidential defense technology and information without first having a majority share in the joint venture.Although, the new rules appear satisfactory to foreign companies, other import limits currently maintained by the GoI may weaken efforts to boost foreign participation in the Indian defense industry.

For any new FDI, a target company be obliged to submit a testimony to the Ministry of Defense in a span of 30 days of the closing of the investment deal.

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August 21, 2019: NEC Technologies India (NECTI) has announced that Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) Logistics Data Services (DLDS) has appointed Ichiro Oshima as the new chief executive officer (CEO) with effect from April 2019.

DMICDC is a joint venture between the government of India represented by National Industrial Corridor Development and Implementation Trust (NICDIT), and NEC Corporation.

Prior to this new appointment, Oshima was the director of DLDS, while concurrently serving as associate vice president, NEC Technologies India.

He will continue in his current role at NECTI after this new appointment at DLDS.

Oshima has been associated with NEC for nearly 30 years and brings with him a rich experience in Enterprise ICT solution business, where he strategised and marketed innovative solutions in Japan and around the world.

Alkesh Kumar Sharma IAS, CEO ＆ MD of DMICDC said, “Oshima is an accomplished leader and will further expand DLDS’ business operations.