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Wednesday, Oct 23, 2002

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Samsung allowed to buy out Indian partners in jt venture

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NEW DELHI, Oct. 22

THE Government today permitted Samsung Electronics Company Ltd of Korea to buy out the Indian partners in its Indian joint venture, Samsung India Electronics Ltd and convert it into a wholly-owned subsidiary. The company has been allowed to 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 also been permitted to start trading of certain hi-tech items through its other Indian subsidiary Samsung Electronics India Information & Telecommunications Ltd.

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 following delegation of power to the two Ministers of State for Commerce and Industries, Dr Raman Singh and Mr Rajiv Pratap Rudy. The Cabinet Minister for Commerce and Industries, Mr Murasoli Maran, is undergoing treatment in hospital.

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 Mr 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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