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Mr Andrew Horne, Managing Director, Xerox India, at a press conference in the Capital on Tuesday. — Ramesh Sharma

New Delhi , May 24

XEROX Corporation is planning to seek approval from the Foreign Investment Promotion Board (FIPB) to increase its shareholding in Xerox India to 100 per cent from the current 86 per cent.

"Our intent is to have 100 per cent ownership (of Xerox India)," the Xerox India Managing Director, Mr Andrew Horne, told reporters at a press conference here.

Global document management firm Xerox currently owns 86 per cent, 7 per cent is held by Modi Rubber and the rest is with the public and financial institutions.

"We had earlier made a share offer to buy the remaining stake and some shareholders had accepted the offer. We will extend the offer subject to FIPB regulations and approval," he added.

Mr Horne, however, declined to give details of the share offer.

Xerox Corp changed the name of its Indian affiliate from Xerox Modicorp to Xerox India Ltd from April 1.

Xerox has a manufacturing facility at Rampur, where it makes analog copiers, toner and a few components for the domestic as well as the global market.

"We have no immediate plans to increase investment or headcount at our facilities in India,'' he said.

However, Mr Horne was optimistic about growth in the Indian market, and said, "this is the year of growth for Xerox India and we are on track to gain market share and deliver strong operational performance". The company today rolled out Xerox Office Services in India to help organisations optimise their document management processes.

Xerox will also roll out 33 new products in India during this year. "Of these, 17 will be for the enterprise segment, 10 for the graphic arts and commercial printing industries and 6 for the SMB market," Mr Horne said.

Xerox India, meanwhile, has appointed Mr L.V. Sastry as Associate Director for Xerox Global Services, Mr Natesh Mani, Executive Director, New Office Group, Mr Vipin Tuteja, Director for Productions Systems Group, Mr Chandan Chattaraj as Executive Director for HR Division and Mr Marcel Frienlinck as Chief Financial Officer.

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Xerox to hike stake in Indian arm to 100 pc 3 FIPB approval to be sought

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