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The
Foreign Investments Promotion Board has cleared the proposal
of Pfizer of the US to set up a wholly-owned subsidiary
in India. The proposal was pending before the government
after the board referred it to the ministry of chemicals
and fertilisers since Pfizer already has a presence in
India through Pfizer India, a listed company.
The
proposed wholly-owned company will manufacture and market
drugs from the basic stage. The drugs include anti-cancer
droloxifene, flucanazole and sulbsetum.
The
FIPB cleared foreign direct investments worth Rs 260 crore
at its meeting on 23 August 1999. Among the other proposals
cleared are:
- Qingdao Haier
Overseas Electronics of China to take 30 per cent
equity stake in Hotline Haier for manufacturing refrigerators,
freezers, air-conditioners, washing machines and other
home appliances. The Chinese group will bring in foreign
exchange worth Rs 13.5 crore.
- Alstom Engines
of the UK to pick up a 51.47 per cent equity stake
in Modi Mirrlees Blackstone Ltd, manufacturer of specialised
diesel generating sets, motors and generators. Alstom
Engines will increase its holding to 75 per cent at
a later date. The company is to bring in foreign exchange
worth around Rs 1 crore.
The
FIPB deferred the proposal of Honda Siel to import luxury
cars from Japan.
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