08-13-2005, 09:09 PM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Govt approves $23m BMW plant </b>
Pioneer News Service / New Delhi
The Indian government on Friday cleared a Rs 100 crore ($23 million) investment proposal by German luxury car maker BMW to set up a plant in Tamil Nadu to assemble cars from kits.
The investment by the Munich-based firm in BMW India Pvt. Ltd., set up in 1997, was among 30 foreign investment proposals worth 1.81 billion rupees cleared by Finance Minister Palaniappan Chidambaram in sectors ranging from chemicals to broadcasting.
India, which had sales of 1 million cars last year, is seen as an important emerging market by U.S. and European car makers, and many are raising capacity in the country both to meet growing domestic demand and to use it as an export base. Most of the FDI proposals cleared by Finance Minister P Chidambaram pertained to manufacturing, petroleum, chemicals and petrochem, trading, IT and railways sectors.
EAC Industrial Ingredients of Singapore was permitted to invest Rs 30 crore for setting up a 100 per cent trading arm in India.Â
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Pioneer News Service / New Delhi
The Indian government on Friday cleared a Rs 100 crore ($23 million) investment proposal by German luxury car maker BMW to set up a plant in Tamil Nadu to assemble cars from kits.
The investment by the Munich-based firm in BMW India Pvt. Ltd., set up in 1997, was among 30 foreign investment proposals worth 1.81 billion rupees cleared by Finance Minister Palaniappan Chidambaram in sectors ranging from chemicals to broadcasting.
India, which had sales of 1 million cars last year, is seen as an important emerging market by U.S. and European car makers, and many are raising capacity in the country both to meet growing domestic demand and to use it as an export base. Most of the FDI proposals cleared by Finance Minister P Chidambaram pertained to manufacturing, petroleum, chemicals and petrochem, trading, IT and railways sectors.
EAC Industrial Ingredients of Singapore was permitted to invest Rs 30 crore for setting up a 100 per cent trading arm in India.Â
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