Downstream Investment under FEMA,1999 means investment by an Indian entity having FDI into another Indian entity. The first foreign investment is called Foreign Direct Investment and later one is called Foreign Indirect Investment.
source https://www.caclubindia.com/articles/downstream-investments-regulations-under-fema-1999-46597.asp
source https://www.caclubindia.com/articles/downstream-investments-regulations-under-fema-1999-46597.asp
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