Financial Daily from THE HINDU group of publications
Wednesday, Mar 20, 2002
Financial Daily from THE HINDU group of publications Wednesday, Mar 20, 2002 |
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Corporate
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Alliances & Joint Ventures Info-Tech - Hardware 3 Taiwan cos plan Rs 876-cr display tube unit in Rajasthan Ambarish Mukherjee
NEW DELHI, March 19 THREE Taiwan-based companies have finalised plans to set up a Rs 876-crore colour display tube (main component for computer monitors) manufacturing facility at Sirohi in Rajasthan, with equity participation of Rs 356.6 crore and a rupee term loan component of Rs 520 crore in the total project cost. The proposed colour display tubes manufacturing plant will have an annual installed capacity of 20 lakh pieces. Bridge Information Company Ltd, Access Technology Company Ltd and Winny Electron Enterprise Company Ltd and Associates will invest Rs 356.6 crore for 100-per cent equity participation in the Rs 876-crore project. The Indian company will be set up by AVN Winfotech Ltd with 100 per cent foreign equity participation, for which it has applied to the Foreign Investment Promotion Board (FIPB) for permission. Usually all projects involving investments worth more than Rs 600 crore call for an approval from the Cabinet Committee on Economic Affairs (CCEA). This one, however, will be an exception. Sources in the Secretariat for Industrial Assistance (SIA) told Business Line that the proposal need not go to the CCEA as it falls on the automatic route without any ceiling either on the project cost or on the amount of foreign equity participation. The company, in its application, has projected an export turnover of Rs 3201.7 crore and import of capital goods worth Rs 679 crore over a five-year period. Established in 1990, Bridge Information Company is one of the leading manufacturers of colour monitors for computers with two plants at Miaoli in Taiwan and has a substantial presence in the US, Asia-Pacific and European markets, according to information available on the company's Web site. According to the proposal submitted to the FIPB, AVN Winfotech has already obtained necessary letter of permission from the Software Technology Parks of India (STPI) under the Electronic Hardware Technology Park (EHTP) scheme to set up the facility at the RIICO Industrial Area Growth Centre Phase II at Sirohi in Rajasthan.
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