The Government of India’s (GOI) new consolidated foreign direct investment (FDI) policy circular effective from 1 October 2011 has de-classified instruments with options from being FDI investments and introduced other significant changes, such as increasing FDI caps in FM Radio and changes in single-brand retail trading norms.

Wakhariya & Wakhariya has hired former UBS India legal head Neeta Sanghavi as partner to head the financial institutions, investment banking and private equity practices.

Mumbai-based firm Wakhariya & Wakhariya and Bachubhai Munim & Co have advised in Novartis Pharma’s 49 per cent $22.3m acquisition of Aventis Pharma’s equity in anti-rabies vaccine manufacturer Chiron Behring Vaccines.