Pitney Bowes gets nod for 100% arm

By SiliconIndia   |   Wednesday, 19 November 2003, 08:00 Hrs
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NEW DELHI: US-BASED Pitney Bowes, which deals in wholesale trade of hi-tech mail and data management systems, was on Tuesday allowed by the government to set up a wholly-owned subsidiary in the country.

The MNC's initial investment would be Rs 23 crore. Union finance minister Jaswant Singh also cleared a proposal from Health Scribes of the US to acquire shares of its Indian arm for Rs 11 crore.

In all, Singh approved 23 FDI proposals recommended by the Foreign Investment Promotion Board today. The approvals amount to a total of Rs 40.755 crore.

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