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FIPB approves Rieter's textile machinery facility

14
Apr '07
Foreign Investment Promotion Board's (FIPB) has given its consent to set up an Indian subsidiary to the Switzerland based textile machinery maker Rieter.

The Indian collaboration of Rieter, Lakshmi Machine Works Ltd has created obstacle and tried to hinder the Swiss firm's entry for setting up its machinery facility.

Stating that Indian law abstains a foreign firm, which has a partnership with a domestic firm, to set up a subsidiary without the local partner's approval.

Rieter severed its partnership with LMW in 1999 but still holds 13 percent share of Lakshmi Machines and half of Rieter-LMW Machinery.

However, FIPB overruled the local partner's objection and now Rieter is all set to invest $50 million in India over the next five years.

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