The Hindu Business Line : Australian Wheat Board gets FIPB nod to open subsidiary

THE Australian Wheat Board has received the approval of the Union Finance Minister, Mr P. Chidambaram, for setting up a wholly-owned subsidiary in India.

The proposal of AWB Ltd and AWB (Australia) Ltd to set up a company with 100 per cent foreign equity participation was recommended by the Foreign Investment Promotion Board in its meeting on February 24.

AWB Ltd and AWB (Australia) Ltd will be located in New Delhi and engage in wholesale trading and distribution of a range of agricultural commodities.

The value of investment inflow is Rs 4.37 crore.

The company will procure and sell wheat, rice, corn (maize), oilseeds and other permitted agri-commodities from the producers and sell the same to persons buying in bulk in India.

AWB perceives India as a prospective market for Australian wheat in the medium-term, and is sanguine India would start importing wheat in the coming years.

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