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Home arrow News arrow Auto component arrow Sangsin Brake Co & Bharat Forge among the 23 FDI proposals cleared
Sangsin Brake Co & Bharat Forge among the 23 FDI proposals cleared Print E-mail
Written by Viswanath   
Wednesday, 31 March 2010
New Delhi: The Union Government has approved 23 FDI proposals amounting to approximately Rs 2325.21 crore. The approval was given on the basis of the recommendations of the Foreign Investment Promotion Board (FIPB) meeting on March 15, 2010.

Sangsin Brake Co, a Korea-based manufacturer engaged in the provision of brakes for automotive industry, received Government permission to set up a wholly owned subsidiary to carry on the 'manufacturing of internal combustion piston engine and other parts/ accessories for motor vehicle' at an investment of Rs 1 crore.

Sangsin Brake Co decided to establish a wholly owned subsidiary in India, Sangsin Brake India Private Limited, which will be mainly engaged in the manufacture and sale of friction materials for brake of vehicles, on February 26, 2010. The capital of the wholly owned subsidiary is estimated to be 293,500,000 South Korean won (259 747.5 U.S. dollars).

In India, Sangsin Brake Co already has a technical tie-up with Sundaram Brake Linings Limited, since 2002, for the provision of technical know-how for the manufacture of disc brake pads and brake linings for passenger cars.

Pune-based auto components maker, Bharat Forge received Government permission to raise FDI of Rs 576 crore through issue of warrants. Further details of the proposal were not mentioned.

 
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