Business Daily from THE HINDU group of publications
Thursday, Jan 31, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Jan 31, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Foreign Direct Investment Corporate - Alliances & Joint Ventures Nod for Daimler jt venture plan deferred Our Bureau New Delhi, Jan 30 The Government has deferred approval to a proposal by Daimler for a joint venture to make and sell commercial vehicles. The proposal was for up to 60 per cent stake in such a joint venture. The proposal had been submitted to FIPB on December 17. Daimler AG is proposing to enter into a technology licence agreement with the Hero Group. The new company will design, manufacture, and sell commercial vehicles above 2 tonnes GVW for India and international markets. The proposal was deferred due to it attracting provisions of Press Note 1 (2005 series), which requires the company to get a no-objection certificate from its partners in the same line of business in the country. FIPB also deferred the proposal of HT Media Ltd for transfer of shares by way of share swap. The other two proposals put on hold are of Continental Air Express Pvt Ltd and Bycell Telecommunications. More Stories on : Foreign Direct Investment | Alliances & Joint Ventures | Cars
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