Financial Daily from THE HINDU group of publications
Thursday, Jul 21, 2005
Financial Daily from THE HINDU group of publications Thursday, Jul 21, 2005 |
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Industry & Economy
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Foreign Direct Investment AP Govt seeks appointment with Volkswagen CEO Our Bureau
Hyderabad , July 20 THE Andhra Pradesh Government has initiated efforts through the Indian Embassy in Germany to set up an appointment for its official delegation to meet Volkswagen's Chief Executive Officer, Mr Bernd Pischetsrieder. The meeting is intended to sort out the controversy over the German carmaker's proposed project in Visakhapatnam. The AP Principal Secretary has already written to the Volkswagen CEO on Tuesday seeking his appointment for detailed discussions. This follows an invitation from Mr Alfred Strohlein, Head (legal and projects), Volkswagen, on July 13. Simultaneously, the Government is also pursuing legal options, pertaining to the siphoning of Rs 11.5 crore. It is already under a cloud for releasing the funds as its equity contribution to Vasishta Wahan , a Special Purpose Vehicle. The subsidiary was created at the behest of Dr Helmut Schuster, the former India Project Head of Volkswagen, through Skoda. The State delegation's agenda primarily includes urging and ensuring that the German automobile giant sets up its Rs 6,000-crore manufacturing facility at Visakhapatnam as promised by Dr Schuster, according to official sources. Meanwhile, the State Enforcement Department officials have began the process of gathering details pertaining to the persons involved in the episode so as to be handed over to the CBI, which has been entrusted with the investigation by the State Government. The State Finance Minister, Mr K. Rosaiah, told newspersons today that the Government would not like to comment on the issue since the matter would now be probed by the CBI.
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