COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

Bamford allowed to pick up controlling stake in Escorts JCB

The Foreign Investment Promotion Board today approved Britain-based Bamford Excavators Limited to infuse $ 11.4 million for picking up an additional 20 per cent holding in Escorts JCB, thereby acquiring a controlling stake in the venture.

This was one of the 27 proposals approved by the board today. The proposals amounted to a total foreign direct investment inflow of Rs 7.70 billion, FIPB sources said.

Another UK-based company, Biwater International Limited, has been allowed to bring in Rs 4.25 billion into India for setting up a wholly owned subsidiary for setting up water supply and waste water management and treatment systems.

The company would take up many products across the country through the competitive bidding route.

GPS Investment of Mauritius is bringing in Rs 2.10 billion to pick up 93 per cent stake in the paid-up capital of a hotel project in Bombay.

Red Wood International Limited of Mauritius has been allowed to set up a joint venture with Avanti Laboratory Private Limited to manufacture chemicals. The foreign partner would infuse Rs 10.6 billion into the venture to pick up a 30.44 per cent stake.

Three proposals were approved by the board in the electronics sector, including an application by Metamor Enterprises Solutions to set up a 100 per cent owned software technology park with an investment of Rs 5 million.

Texaco South Asia Energy Development Company has got the green signal for setting up a wholly owned subsidiary in construction activities. The company would invest around Rs 595 million in India.

A Spanish company called Brumariao has also received the nod to set up a wholly-owned unit for exporting leather garments from the country. The venture would translate into a FDI inflow of Rs 84 million.

Chambal Fertiliser's plea to shift its base has also been given the green signal by the board.

UNI

Business news