want to know meaning of two concepts, English

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i want to know the meaning of the para given below:
Industrial units existing befor the 7 th day of january 2003, but which have undertaken substantial expansion by way of increase in installed capacity by not less than twenty five percent on or after the 7 th day of january 2003.
is there any change come out in the meaning if in the para we change "have undertaken substantial expansion" by "undertake substantial expansion"

plz reply
thanx
nitin jain

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