EADS gets clearance from FIPB to procure SSI components

New Delhi: European aeronautics giant, EADS, has obtained clearance from the Foreign Investment Promotion Board (FIPB) to source goods and components from India. The multinational has been allowed to source components for its subsidiaries as well as other companies across the world.
EADS India required FIPB approval as it would source components from small scale sector. These components, including those sourced from small scale units, are intended to be supplied in the international market as well as India. However EADS would require specific clearances for investment in subsidiaries. The FIPB has also stipulated that the company should not undertake the manufacturing of arms and ammunition or any other defence sector activity. For any activity related to defence, space or civil aviation, the company should obtain sectoral approvals.
France-based EADS has a major presence in the Indian market through Airbus and Eurocopter. Its subsidiary, EADS India, will be providing after-sales, maintenance and upgradation services to Indian customers. In India companies like ISRO, Hindustan Aeronautics Ltd (HAL), Air-India, Indian and private airlines like Kingfisher and IndiGo, are its customers.
06/08/07 Arjun/Machinist.in

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Categories: Foreign Aug 2007