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

See more news about:

Others also read

Donau City Tower 1
Designed by Dominique Perrault, Tower 1 of the Donau City (DC) Towers project is a prominent building across the Vienna skyline and is the highest skyscraper in Austria.
Glass Performance versus Aesthetics
Guardian Glass is exhibiting at glasstec - HALL 10 | STAND A24 (23-26 October 2018 - Düsseldorf, Germany).
Tour Incity
An iconic landmark on the Lyon skyline, the Incity tower is the tallest high-rise in the city and the third tallest in France.
Technical Challenges of Glass for Megatall Buildings
Guardian Glass is exhibiting at glasstec -- HALL 10 | STAND A24 (23-26 October 2018 - Düsseldorf, Germany)
Die Welle
Die Welle (German for ‘The Wave’) is an S-shaped building in the heart of Vienna.
Matmut Filature
La Filature is a modern, energy efficient office building facing the headquarters of the Matmut insurance headquarters in Rouen, France.

Add new comment