Thursday, May 05, 2005
Thursday, May 05, 2005 |
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Special Correspondent
NEW DELHI: The Centre has permitted IBM Products AP Limited of Hong Kong to set up a wholly-owned subsidiary (WOS) with an investment of Rs. 65.50 crores in foreign exchange to undertake trading in information technology systems and software products and services. The parent company is engaged in the manufacture, import, marketing, distribution and export of IT systems, including input and output devices, software and maintenance services. Another approval pertains to the foreign direct investment (FDI) proposal of the Mauritius-based Uno Investments, which, in collaboration with the Chennai-based Shriram EPC Limited, has been providing multi-disciplinary design, engineering, procurement, construction and support services across industries. The current permission is for going ahead with foreign equity participation to the extent of 20.16 per cent involving an FDI inflow of Rs. 30 crores. These two clearances are among the 29 FDI proposals that the Finance Minister, P. Chidambaram, approved on Wednesday on the recommendation of the Foreign Investment Promotion Board (FIPB). The proposals, accounting for an FDI inflow of about Rs. 147 crores, pertain to various ministries although the major investments are envisaged in sectors such as consumer goods, IT and power. In the consumer goods sector, Belersdorf AG of Germany has been given the go-ahead to set up a 100 per cent WOS in the country with an FDI of Rs. 17 crores. The subsidiary company is to manufacture and market diverse products in the field of skin and personal care as also cosmetics . This approval was accorded under the enabling provisions of Press Note No. 1 (2005) as the German parent already has an ongoing collaboration in the name of Nivea India Pvt. Ltd. which has been producing and marketing the same products under the `Nivea' brand name.
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