The new system, which was operationalised in April, has faced pushback from tour operators, while the opposition in Sri Lanka has alleged corruption worth $1 billion.
Under current regulations, Indian firms are not allowed to list directly on overseas exchanges. They can only list on foreign exchanges via instruments such as depository receipts.
Following the transaction which is expected to be completed by November, Dassault Reliance Aerospace Ltd will become an associate company, with Reliance retaining a 49% stake.
From Munir’s point of view, a few bumps here and there is par for the course. He isn’t going to drive his dumper truck to its doom. He wants to use it as a weapon.
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