Financial Daily from THE HINDU group of publications
Tuesday, Sep 23, 2003
Financial Daily from THE HINDU group of publications Tuesday, Sep 23, 2003 |
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Airlines Industry & Economy - Foreign Direct Investment Boeing seeks approval for own subsidiary Our Bureau
New Delhi , Sept. 22 WORLD's leading aircraft manufacturer The Boeing Company has sought permission from the Foreign Investment Promotion Board (FIPB) to set up a wholly- owned subsidiary in India. The company plans to invest $4.8 million with a provision for further funding. The investments for the Indian operations will be made through the company's wholly-owned subsidiary Boeing International Corporation which will hold 99 per cent stake in the Indian unit. The remaining one per cent will be held by Boeing Operations International, another Boeing group subsidiary. According to the application,, the subsidiary will undertake information technology and software related activities, engineering analysis and design and project management services. Boeing also proposes to register the information technology division of this subsidiary separately under the Export Oriented Unit Scheme or the Software Technology Park Scheme, the application states.
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