Section 4(f) in The Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016
(f)Project office. - (I) A foreign company may open project office/s in India provided it has secured from an Indian company, a contract to execute a project in India, and(i)the project is funded directly by inward remittance from abroad; or(ii)the project is funded by a bilateral or multilateral International Financing Agency; or(iii)the project has been cleared by an appropriate authority; or(iv)a company or entity in India awarding the contract has been granted term loan by a Public Financial Institution or a Bank in India for the Project.
