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Home arrow News arrow New Project news arrow Govt. approves Federal-Mogul FDI proposal to set up new subsidiary
Govt. approves Federal-Mogul FDI proposal to set up new subsidiary Print E-mail
Written by Viswanath   
Thursday, 27 November 2008
New Delhi: Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 18th November, 2008, Finance Minister, Shri P. Chidambaram has approved 32 Proposals of Foreign Direct Investment, including that of Federal-Mogul, amounting to a total of approximately Rs. 845.70 Crore (172.8 million U.S. dollars).

Federal-Mogul has proposed to set up a new wholly-owned subsidiary at an investment of Rs. 74.87 Crore (15.3 million U.S. dollars), to undertake Manufacture, distribution and sale of sealing products and gaskets.

Products manufactured at the new facility will be for both local vehicle manufacturers and for export to the global automotive market.

Federal-Mogul supplies systems protection products and is one of the world's largest suppliers of friction materials. Both the systems protection products and the friction products are used in the automotive, heavy-duty, motorcycle, railway and consumer products markets.

32 FDI Proposals approved

The cleared proposals relate to Ministries/Departments, namely, Commerce, Economic Affairs, Information & Broadcasting, Mines, Road Transport & Highways, Telecommunication, Industrial Policy & Promotion, Power, Urban Development, and Shipping.

According to Government officials there are no indications of a slowdown of investment inflows.

Last Updated ( Thursday, 20 August 2009 )
 
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