Kamal Nath announces withdrawal of press note 18 on future Joint Ventures

New Delhi:
January 12, 2005

Shri Kamal Nath, Union Minister of Commerce & Industry, has announced withdrawal of Press Note 18 on future joint ventures (JVs) as well as substantial modifications in its applicability to current joint ventures. Outlining details of the changes after the Prime Minister Dr. Manmohan Singh had gave an indication of the government’s intention to withdraw Press Note 18 on future JVs at the Partnership Summit of the Confederation of Indian Industries (CII) in Kolkata today, Shri Kamal Nath said that the Press Note 18 would not apply to any joint ventures entered into after today and future joint ventures were advised to include a conflict of interest clause in their agreements in order to protect interests of the parties concerned. Shri Kamal Nath said that the decision had been taken after wide consultations with industry associations and all sections of the domestic industry.