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BMW announces US$ 24 million investment
in India
German car major BMW Group has announced an initial investment
of US$ 24 million for its assembly plant to be set up near
Chennai and the sales subsidiary coming up at Delhi as part
of its expansion plans in Asia. The sales subsidiary would
be located in the Delhi area, and the assembly plant at Maraimalai
Nagar would produce BMW 3 series and 5 series saloons with
the first car expected to roll out of the plant in early 2007,
a company release said on Wednesday night.
Besides, as part of its formal entry into India, the company
would expand its dealership network to all metropolitan centres,
it said. The release said the opening up of the Indian market
was an important step in the company's expansion plans in
Asia. The release also said that in the medium term the company
would employ around 200 people in the country and up to 600
additional jobs would be created in the dealer and service
network.
FIIs pump in over US$ 3.8 billion in Q2
Foreign funds, which had gone on a US$ 3.8 billion shopping
spree in the September quarter, have hiked their stakes in
over 500 companies. An analysis of the shareholding patterns
of about 900 companies shows Foreign players were aggressively
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pumping in money during the last quarter, with over $1bn
each month. In July, they invested a whopping $1.8bn (Rs 7,934
crore), whileAugust and September saw investments of $1.1bn
(Rs 4,793
Record rise in number of FIIs
Even as foreign institutional investors (FIIs) turned net
sellers in the equity market in October (net outflow of US$
341 million), the number of FIIs registered with the Securities
and Exchange Board of India (Sebi) touched a record high of
800. FIIs from newer geographical locations are also seeking
registration with Sebi.
FDI inflows may cross US$ 7 billion target
India is expected to attract US$ 5 billion foreign direct
investment through the equity component alone during 2005-06.
This implies that overall FDI inflows may easily cross the
estimated US$ 7 billion during the fiscal.
According to the preliminary estimates for 2004-05, total
FDI inflows were pegged at $3.75 billion. FDI inflows include
equity investments and reinvested earnings. The equity component
of FDI inflows for 2004-05 has not yet been compiled, since
the RBI is still compiling the final FDI data including details
of the reinvested earnings.
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Traditionally, the
equity component of FDI inflows in India has been around 50-55
per cent of the total inflows. In 2002-03, of the FDI inflows
of $5.03 billion, the equity component was around 55 per cent
at $2.76 billion. In 2003-04, of the FDI inflows of $4.67 billion,
the equity component was $2.38 billion or 50 per cent.
Govt. to invest Rs 2,95,000 cr. on
infrastructure through PPP
The Centre is according top priority to the development of the
infrastructure by investing Rs 2,95,000 crore through Public-Private
Participation (PPP) across the major sectors like roads, ports
and airports.
"An outlay of Rs 60,000 crore has been earmarked for infrastructure
development of the major airports starting with Mumbai and Delhi,
then Chennai and Kolkata. Later, Jaipur and Ahmedabad would
be added. A sum of around Rs 60,000 crore would go towards port
development, while Rs 1,75,000 crore would be spent on highway
construction," Advisor to the Deputy Chairman, Planning
Commission Gajendra Haldea, said here on Friday.
Speaking at the Logistics 2005 summit organised by the Confederation
of Indian Industry (CII) on Friday, Haldea revealed that government
is seized of the vital role of infrastructure in the economic
development of the nation and in making the manufacturing sector
world-class and globally competitive. |
