EADS gets FIPB nod to procure SSI components

New Delhi: Aeronautics giant EADS is strengthening its business in India to take on rivals from other countries such as the US. The European consortium, which already has a major presence in the Indian market through Airbus and Eurocopter, has obtained clearance from the Foreign Investment Promotion Board (FIPB) to source goods and components from India.
These components, some of which would be sourced from small scale units, would be then supplied in the international market as well as India.
The FIPB, however, has stipulated that the company should not undertake the manufacturing of arms and ammunition or any other defence sector activity. Apart from civilian aircraft and avionics, EADS manufactures military transport planes and security and communication equipment worldwide.
The European giant would, however, require specific clearances for investment in subsidiaries.
The multinational has been allowed to source components for its subsidiaries as well as other companies across the world, according to official sources.
30/07/07 Nirbhay Kumar & G Ganapathy Subramaniam/Economic Times

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Categories: Foreign Jul 2007, General Aviation Jul 2007