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India moves to curb Chinese corporate takeovers

New Delhi fears coronavirus leaves companies vulnerable to foreign bids

Keeping an eye on the market: People watch share prices outside the Bombay Stock Exchange.   © Reuters

NEW DELHI (FT) -- India has tightened its foreign investment rules to block "opportunistic takeovers" by its neighbors, acting on concerns that Chinese buyers could use the coronavirus pandemic to snap up weakened Indian companies.

The Ministry of Commerce on Saturday said any entity based in or tied to a country "which shares [a] land border with India" would require government approval before investing in an Indian company.

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