FIPB to take up Yamaha, Nokia proposals tomorrow
FIPB will again take up Japanese two-wheeler major Yamaha's proposal to transfer its Indian sales business to a new entity on Monday.
By PTI |
NEW DELHI: After deferring it earlier, the Foreign Investment Promotion Board (FIPB) will again take up Japanese two-wheeler major Yamaha's proposal to transfer its Indian sales business to a new entity - India Yahama Motor Pvt Ltd - tomorrow.
The FIPB will also consider Nokia Corporation's proposal to enter into a joint venture with HCL Infocomm to set up exclusive retail outlets for selling handsets and services to Indian consumers.
If approved, this will be the first single-brand retail JV in the mobile handset business in India.
Yamaha Motor India Sales Pvt Ltd (YMISPL) is seeking FIPB approval to transfer its business to India Yamaha Motor Pvt Ltd (IYMPL), a wholly-owned subsidiary of Yamaha Motor Co, Japan.
In its application, YMISPL seeks to transfer its business, which included sales of two-wheelers not only manufactured in India but also imported from other Yamaha group companies outside, along with other products such as all terrain vehicles, golf carts, generators and unmanned helicopters.
Earlier, the FIPB had deferred a decision on the proposal after representatives of the Department of Industrial Policy and Promotion said IYMPL should not be allowed to import as it would lead to retail trading, something that does not conform to FDI policy, sources said.
The FIPB will also consider Nokia Corporation's proposal to enter into a joint venture with HCL Infocomm to set up exclusive retail outlets for selling handsets and services to Indian consumers.
If approved, this will be the first single-brand retail JV in the mobile handset business in India.
Yamaha Motor India Sales Pvt Ltd (YMISPL) is seeking FIPB approval to transfer its business to India Yamaha Motor Pvt Ltd (IYMPL), a wholly-owned subsidiary of Yamaha Motor Co, Japan.
In its application, YMISPL seeks to transfer its business, which included sales of two-wheelers not only manufactured in India but also imported from other Yamaha group companies outside, along with other products such as all terrain vehicles, golf carts, generators and unmanned helicopters.
Earlier, the FIPB had deferred a decision on the proposal after representatives of the Department of Industrial Policy and Promotion said IYMPL should not be allowed to import as it would lead to retail trading, something that does not conform to FDI policy, sources said.
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