Section 9(3) in The Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004
(3)The Reserve Bank may, inter alia , take into account following factors while considering the application made under sub-regulation (2):--(a)prima facie viability of the Joint Venture/Wholly Owned Subsidiary outside India;(b)contribution to external trade and other benefits which will accrue to India through such investment;(c)financial position and business track record of the Indian party and the foreign entity;(d)expertise and experience of the Indian party in the same or related line of activity of the Joint Venture or Wholly Owned Subsidiary outside India.
