By VIVEK RAGHUVANSHI
NEW DELHI — India will maintain a 26 percent limit on foreign direct investment (FDI) in local defense companies, Defence Minister A.K. Antony said at Defexpo 2012 here March 29.
A senior executive of the Federation of Chambers of Commerce and Industries, the lobbying agency for Indian industry that has been pushing for an increase in the FDI limit to more than 49 percent, said they were hoping Antony would propose raising the limit in his Defexpo speech.
Earlier, Antony opened Defexpo 2012, showcasing systems from the land, naval and security sectors. More than 335 Indian exhibitors and 232 foreign companies, mainly from France, Germany, Israel, Russia, the U.K. and U.S., and 58 official delegations will participate in the four-day show, which has been held biannually since 1998.
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