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Govt clears Nike's FDI plan
August 04, 2004 20:18 IST
The government said on Wednesday that it has cleared 46 foreign direct investment proposals worth about Rs 408.22 crore (Rs 4.08 billion), including that of Nike Inc of the US and BMW Holding of Germany. The US-based sportwear giant had been granted permission to set up a wholly-owned subsidiary in India with an investment of Rs 1 crore (Rs 10 million) and to carry out cash and carry wholesale trading of footwear as well, an official release said in New Delhi. BMW, which provides home loans to resident and non-resident Indians, has been given the nod for enhancement of foreign equity from 50 per cent to 100 per cent.
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