India: Nod To Guardian`s Go-Solo Plan

The decks seem to have been cleared for Guardian Industries Corporation, US, to set up a wholly owned subsidiary in the country.

The finance ministry today cleared the recommendations of a group of secretaries for giving the go-ahead to the company’s plan to set up a subsidiary.

Modi Rubber, which owns 21.24 per cent in float glass and mirror-maker Gujarat Guardian Ltd (Guardian holds 50 per cent), had earlier refused to grant a no-objection certificate to its joint venture partner for setting up the subsidiary.

The issue revolves around separate interpretations of Press Note 1, 2005. Press Note 1, which replaced Press Note 18, requires international companies to get government approval for setting up a fully owned subsidiary if they have a joint venture with an Indian firm.

In effect, foreign firms that come under this category will have to get a no-objection certificate from their existing Indian joint venture partner.

There has been considerable pressure on the Foreign Investment Promotion Board (FIPB) and government functionaries in this tangle. In two separate letters, senior US officials tried to link the approval to India’s commitment to liberalisation.

Read the entire news on the source link below.

600450 India: Nod To Guardian`s Go-Solo Plan glassonweb.com
Date: 24 October 2006
Source: Business-standard.com

See more news about:

Others also read

The building received a new transparent skin glass façade made with Guardian Glass.
Plans have been unveiled for twin centres of excellence for glass in the north of England aimed at putting the UK at the forefront of global manufacturing.
JEB fabricated more than 46,000 square feet of glass for the facility.
Digital Tool Evaluates Guardian Glazing Product Performance in Green Rating Systems.
Guardian Glass has expanded its Middle East product line portfolio with a groundbreaking addition, the Guardian SunGuard® SuperNeutral® (SN) series of coated glass products.
Guardian Glass announces it is the first glass manufacturer in Saudi Arabia to be granted the “Quality Mark” by the Saudi Arabian Standards Organization (SASO).

Add new comment