Financial Daily from THE HINDU group of publications
Saturday, Dec 10, 2005
Financial Daily from THE HINDU group of publications Saturday, Dec 10, 2005 |
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Corporate
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New Projects Sumitomo group plans 3rd subsidiary in India Ambarish Mukherjee
New Delhi , Dec. 9 CONVINCED by the growth potential of the Indian power sector, the Sumitomo Group of Japan plans to increase its presence in this sector. The group plans to set up its third wholly-owned subsidiary in India. It has sought Government permission to set up a subsidiary for manufacture and trading of mechanical power transmission and electrical control systems. The Group has several joint ventures in India and two wholly-owned subsidiaries — Sumitomo Corporation India Ltd (SCIL) and Sumitomo Chemicals India Pvt Ltd (SCIPL). While SCIL is a wholly-owned subsidiary of the group holding company Sumitomo Corporation, SCIPL is owned by the parent company's chemicals subsidiary Sumitomo Chemicals. Now the company plans to set up the third wholly owned subsidiary through Sumitomo Heavy Industries (SHI). The Singapore-based Sumitomo (SHI) Cyclo Drive Asia Pacific Pte Ltd (SCDAP), a wholly owned subsidiary of Sumitomo The company has told the Government that it would undertake manufacturing of spare parts that are now imported from group companies according to customers' specifications, officials said. For trading, the company would be importing products, equipments and parts from group companies and sell it locally as well as will re-export them to nearby countries. The company also plans to source products and spare parts locally, sources said. The Sumitomo group will hold the 100 per cent stake through two companies — SCDAP and SM-Cyclo of Malaysia (SCM). While SCDAP will hold 98 per cent of the equity, SCM will hold 2 per cent of the equity. Sources said that the company has proposed an initial equity base of Rs 3 crore.
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