Investments up to a maximum of 50% of GDRs to be raised would be permitted by the Ministry of Finance, Government of India, under its normal GDR approval process with overseas investments as a permitted end-use. Applications for the purpose should be made by Indian promoter companies directly to the Government of India, Ministry of Finance as per the procedure laid down for Euro Issue (see paragraph 10B.10) indicating, inter alia, the details of overseas investment proposed to be made out of such GDR issues (viz.,nature of the overseas concern, country of location, line of activity, amounts of investment by way of equity/loan, etc. and Identification/Approval Number issued by Reserve Bank in respect of existing JV/WOS). On receipt of approval from the Ministry of Finance, the concerned Indian promoter company may utilise the Euro issue proceeds for such approved overseas investments subject to compliance with the usual requirements. Such investments will, however, be subject to the terms and conditions to be complied with by the Indian promoter company from the point of view of Exchange Control regulations which will be communicated by the Ministry of Finance while conveying their approval to the Indian promoter company. The Indian promoter company should inform the details of such investments immediately to the Chief General Manager, Exchange Control Department (Overseas Investment Division), Reserve Bank of India, Central Office, Amar Building, Mumbai 400 001, indicating the names of the foreign concerns, amount of investment, the line of activity, country of location, Reserve Banks Approval/Identification Number in case of an existing JV/WOS, etc. In respect of investments in a new JV/WOS abroad, Reserve Bank will communicate its Identification Number to the Indian promoter company which should be quoted in all future correspondence.