NEW DELHI: China's Alibaba has put on hold plans to invest in Indian companies, two sources aware of the plans told Reuters, amid souring business relations and rising political tension between the two nations after a clash on their Himalayan border.
In its IPO filing, Ant said a change in foreign investment rules in India had led to a"further evaluation of the timing" of its additional investment in Zomato. Ant also said it counted Paytm owner One97 Communications, in which it has a 30per cent stake, as an associate or joint venture partner over which it has"significant influence".
"Alibaba and a few others have put on hold their India investment plans for six months and they are hoping that things would cool off a bit after that," said one of the sources.
Source: News Formal (newsformal.com)
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