Please refer FDI policy of Indian government Point 3.2.2 (iii)Investment by non-residents other than NRIs/PIO: A person resident outside India other than NRIs/PIO may make an application and seek prior approval of Reserve Bank for making investment in the capital of a firm or a proprietorship concern or any association of persons in India. The application will be decided in consultation with the Government of India.
the full text of the policy can be viewed at http://dipp.nic.in/English/Policies/FDI_Circular_01_2013.pdf
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