SWITZERLAND: Reiter wants to set up manufacturing unit in India

BERN: The Switzerland-based textile machinery company Reiter wants to set up a manufacturing unit in India but it needs a no -objection certificate from Lakshmi Machine Works (LMW) in order to invest $20 mn in the country over a period of three years.

The reason, LMW, which is India's largest textile machine manufacturer has invoked provisions of press note 1 to prevent the direct entry of Reiter in India.

It has also lodged a complaint against the Swiss major with the Foreign Investment Promotion Board (FIPB) to go solo.

At present Reiter operates in India under a Joint Venture with LMW.

In return to transfer of technology, it enjoys 13% equity in LMW and FIPB has subsequently asked Reiter for no-objection Certificate from LMW.

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Added: December 5, 2005 Source: Agencies
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