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Cabinet approves policy to help PSUs buy assets oversees

NEW DELHI: The government on Thursday approved a policy to enable profit-making state-run firms to acquire assets oversees. The new policy also seeks to enhance the power of Maharatna and Navartna companies and provide greater autonomy for acquiring raw material assets abroad. The government will also consider setting up a dedicated Sovereign Wealth Fund to acquire assets oversees. The policy for acquisition of raw material assets abroad by public sector enterprises is expected to significantly enhance the capabilities of such entities to acquire such assets and protect the countrys long term economic interests. While some countries have already taken the lead in acquiring the sources of raw material assets globally, Indian companies have not been very assertive. Today, the Cabinet approved the policy for acquisition of raw material assets abroad by CPSEs, information and broadcasting minister Ambika Soni told reporters.

                                                                                                               
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