Guj Borosil: Fennel stopped from investing

Foreign Investment Promotion Board has disallowed investments in Gujarat Borosil. Fennel Investment and Finance had planned to make downstream investment of foreign remittance of INR 5.750,000 in Guja…

Foreign Investment Promotion Board has disallowed investments in Gujarat Borosil. Fennel Investment and Finance had planned to make downstream investment of foreign remittance of INR 5.750,000 in Gujarat Borosil, a manufacturer of sheet glass. It has instead been advised to apply for investing directly and not through NBFC route. Foreign direct investment in an investing company is not permissible, reasoned FIPB. At the same time, Warner Lambart India has been granted permission to test market cough lozenge Halls Vita C provided it set up manufacturing base within the next two years. Fennel Investment and Finance wanted to make downstream investment in Gujarat Borosil and had also sought permission to Broadfield Holdings to acquire and subscribe to equity shares worth INR 5.750,000 of Fennel Investment and Finance on a repatriable basis.