Samsung to buy out Indian JV

By SiliconIndia   |   Wednesday, 23 October 2002, 07:00 Hrs
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MUMBAI: The India government said Wednesday that it permitted Korean Samsung Electronics Company Ltd to buy out the Indian partners in its Indian joint venture, Samsung India Electronics Ltd and convert it into a wholly-owned subsidiary.

It can now increase its stake from the current 73.86 per cent to 100 per cent involving foreign direct investment (FDI) worth Rs 15.68 crore.

The company has been permitted to start trading of certain hi-tech items through its other Indian subsidiary Samsung Electronics India Information & Telecommunications Ltd, according to a busines daily.

Japan-based Hitachi Ltd too has been permitted to raise its stake in Amtrex Hitachi Appliances Ltd up to 74 per cent involving FDI worth Rs 20 crore.

The Government also approved Canada-based NSI Global Inc's plans to invest Rs 22.27 crore for 49 per cent stake in NSI Infinium Global Pvt Ltd for providing asset tracking, management and logistics services through satellite communication equipment VSAT terminal.

The three proposals are among the 70 FDI proposals worth Rs 95 crore cleared by the Government at one go after a gap of more than five weeks.

Also, the US-based Simon Doughlas & Company's plan to invest Rs 10 crore in Aroma Hightech Ltd for 40 per cent equity in the company to manufacture and assemble submersible pumps have been approved by the Government.

The UK-based G. Srinivasan's plan to set up a chain of business hotels involving FDI worth Rs 8 crore through J.L. Builders Private Ltd have also been cleared.

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