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Drumbeat: Ad Buzzaar
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Sunday, July 5, 1998
FIPB clears proposal of York International
OUR CORPORATE BUREAU
NEW DELHI, July 4: The Foreign Investment Promotion Board (FIPB) cleared the proposals of York International, Bina Power and Benckiser on Saturday. The FIPB, however, did not take a decision on the application of GE Capital Services for a Rs 100-crore joint venture with SBI for credit cards as the administrative ministry -- in this case the finance ministry -- needed to study the matter.Currently, GE Caps holds 40 per cent in the joint venture company, with the balance held by SBI. GE wants to hold majority stake in the venture. A decision on Banque Nationale de Paris was also deferred. York International is setting up a wholly-owned subsidiary with an initial investment of $3 million for refrigeration equipment in domestic transportation. US-based Benckiser is increasing its equity in Coty India Pvt Ltd, the company set up for the marketing and manufacture of cosmetics. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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