The Hindu : Business : Xerox to buy out Indian arm

Online edition of India's National Newspaper
Wednesday, May 25, 2005

Business

Business

Xerox to buy out Indian arm

Staff Reporter

NEW DELHI: Aiming at further consolidating its presence in India, Xerox Corporation on Tuesday said it was planning to increase its shareholding in Xerox India Ltd. to 100 per cent from 86 per cent in order to make the latter its wholly-owned subsidiary.

Talking to media persons at the launch of Xerox Office Services in India to help organisations optimise their document management processes, the Managing Director of Xerox India, Andrew Horne, said the company would be seeking the approval of the Foreign Investment Promotion Board (FIPB) to extend share offer to Modi Rubber (which holds seven per cent shares) and other stake holders for buying the remaining.

Stating that there was no fixed timeframe for achieving the goal of making Xerox India a wholly-owned subsidiary, Mr. Horne also disclosed that they have made a share offer to buy the remaining stake and some shareholders have accepted the offer.

Denying that there were any immediate plans to increase investment or headcount at the company's facilities in India, Mr. Horne said Indian market was crucial for them and this year they were hoping deliver strong operational performance.

He said colour and inkjet to laser conversion would be key elements of the company's India strategy. Xerox is also planning to roll out 33 new products in India during this year, he said.

Printer friendly page
Send this article to Friends by E-Mail

Business

News Update

Stories in this Section