India had cleared three investment proposals from Hong Kong last month before the beginning of the first phase of de-escalation of the border tensions with China. The inter-ministerial committee (IMC) to review Chinese foreign investment proposals cleared two Japanese companies – Citizen Watches company, Nippon Paint Holdings – and a third by Hong Kong-based NRIs in Hyderabad-based Netplay Sports Private Limited.
“The approved proposals are not from Chinese companies. Moreover, the approvals were granted before the de-escalation process started,” said an official. No Chinese proposal has been cleared yet. An inter-ministerial committee with joint secretaries from various ministries and departments was set up last year to help the home secretary-headed panel examine proposals with minor investments from Hong Kong and China.