Unilever's logical surprise

The open offer by Unilever to raise its stake in its subsidiary Hindustan Unilever (HUL) to 75 per cent virtually amounts to undoing what the government had done to foreign companies operating in India four decades ago. Indira Gandhi's government had introduced the Foreign Exchange Regulation Act (Fera) to force companies to substantially reduce their foreign equity and subject them to a host of regulatory controls.

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