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Tuesday, Nov 07, 2006

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Volvo Bus to set up new jt venture in India

Our Bureau

The project involves a FDI inflow of Rs 27.20 cr

New Delhi , Nov 6

International automotive company Volvo Bus Corporation has been permitted to set up a new joint venture company to develop, assemble, manufacture, export and sell coaches in India. The project was among the 32 cleared by the Foreign Investment Promotion Board (FIPB) chaired by the Union Finance Minister, Mr P. Chidambaram.

The new joint venture company will manufacture bus bodies with 70 per cent equity being held by Volvo and the balance by Jaico Automobile Engineering Company Private Ltd. The project involves a foreign direct investment inflow of Rs 27.20 crore. The proposed plant will have a capacity to manufacture 1,000 bus bodies annually.

More proposals

Fendi, the international fashion brand, has been permitted to undertake retail branding under the single brand Fendi.

In the real estate sector, Beekman Helix India Partners LLC has been given permission to invest Rs 45 crore in downstream real estate projects here. In addition, Walt Disney has been given permission to uplink from India and own and operate general entertainment television channel for children. The proposal envisages an FDI inflow of Rs 140.62 crore.

Honda Motors Company has been permitted to set up a wholly owned subsidiary to allow the management expertise in spares part operation management, exports operation management and other strategic businesses. The proposal is to see an FDI inflow of Rs 10 crore. The Dutch company, Mitsui Automotive Investment, has been given permission to carry business of retail trade of Toyota make cars here. The proposal envisages an investment of Rs 1.02 crore.

Deccan Chronicle Holdings Ltd has been allowed to increase the foreign equity holding to 24 per cent from the existing 10 per cent. The proposal envisages an investment of Rs 6.40 crore. The 32 proposals cleared on Monday would see an inflow of Rs 249.81 crore.

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