Coronavirus | Protect firms from takeover, says Rahul Gandhi

Former Congress president Rahul Gandhi on Sunday asked the government to ensure that Indian companies did not face any hostile takeover bid by foreign companies during the COVID-19 pandemic.

“The massive economic slowdown has weakened many Indian corporates making them attractive targets for takeovers,” he wrote on Twitter. “The Govt must not allow foreign interests to take control of any Indian corporate at this time of national crisis,” he said.

His comments came days after reports suggested that Chinese investors were scouting for shares in distressed European companies.

Last week, Italy announced changes to its foreign investment policy and protected its banking, insurance and healthcare sectors from hostile takeover by foreign companies. Spain, too, has made it mandatory for its companies to seek government approval if any foreign company wants to pick up over 10% stake in them.

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