India will soon bar Chinese power companies from projects in the power sector on security concerns after a policy that will define new conditions for foreign firms eyeing the multi-billion dollar market in one of the fastest growing major economies in the world.
A formal office memorandum, expected in a month, will insulate the power transmission sector from companies based in countries that do not allow Indian entities in similar projects. The restriction will be gradually extended to the power generation and distribution sectors as well.
Ministry officials said the new reciprocity-based approach would impact Chinese companies that are looking to invest in the Indian electricity transmission sector. China does not approve of overseas investments in its electricity grid for security reasons but India allows 100 per cent FDI in the power sector.
The move will help India in many ways, including protection from cyber attacks because the power sector is increasingly software driven with intelligent technology and control systems being used, said , Director General, IEEMA.
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