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FIPB clears two software projects

Rebus Group Plc proposes to establish a wholly owned subsidiary under the software technology park scheme in Gurgaon to develop software for export.

T O D A Y

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The proposed foreign equity amounts to Rs 27 million that may increase to Rs 54 million by 2002.

The UK company has given an export projection of over Rs 180 million over five years.

While clearing the proposal, the Foreign Investment Promotion Board has observed that the clearance of the venture is subject to separate approval under the software technology park scheme.

Structural Dynamics’ proposal envisages setting up a Sudbury for dabbling in activities related to electronics and software.

Initial foreign equity amounts to $2.2 million. This will be raised to $4.7 million over five years.

The activities of Structural Dynamics will include establishment of a reassert and development centre in India for the development of CAD/CAM/CAE/PDM software and enhancement of software applications and export of the same.

The company, in its application to the Foreign Investment Promotion Board, has said that it will undertake export of PDM software implementation services, sale of CAD/CAM/PDM software in India and set up an engineering service centre and training centre.

The Foreign Investment Promotion Board has also cleared a proposal of Redington India Private Limited to transfer of 125,995 equity shares amounting to 84 per cent of the equity from its foreign collaborator, Redington (Mauritius) Limited, which is an overseas corporate body, to CHS Electronics Inc of the US.

The Redington proposal has been supported by a board resolution approving transfer of shares to the US company.

Redington India had been earlier granted foreign collaboration approval for NRI/OCB investment of 84 per cent, amounting to Rs 125.995 million on repatriable basis and 16 per cent, amounting to Rs 24 million on non-repatriable basis in the paid up capital of Rs 150 million. The investor was Redington (Mauritius) Limited, an OCB.

- Compiled from the Indian media

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