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Drumbeat: Ad Buzzaar
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Monday, June 22, 1998
FIBP clears ABB subsidiary
NEW DELHI, June 21: The Foreign Investment Promotion Board (FIPB) has allowed Asea Brown Boveri's wholly owned subsidiary in the country to retain a two per cent spread on investments made in down stream ventures.The MoF, which was asked for its comments on the company's proposal in this regard as the cost of operative subsidiary would increase marginally, left it to the FIPB to take a decision on merit. FIPB has already cleared the proposal of ABB ABL Ltd to make a cumulative preference share issue of Rs 110 crore to ABB. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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