FIPB APPROVAL FOR CMS; ELF; AND SHELL

Vol 3, PW 3 (03 Mar 99) News in Brief
     

Indias FIPB has approved Elf Lubricants proposal to buy out its Indian partner Raysif India Ltd, on condition 26% of the venture is divested within 5 years; Shell India has been allowed to increase its activities to include leasing of port facilities and warehousing, but a trading and marketing proposal was rejected; CMS Energy can set up a 100% Indian subsidiary with a capital base of $47.6m to develop power generation, transmission and distribution projects and oil exploration; National Power can set up a 100% subsidiary (National Power India Services Private Ltd) with foreign investment of Rs 21 crore ($5m).