FIBP clears ABB subsidiary

NEW DELHI, June 21: The Foreign Investment Promotion Board FIPB has allowed Asea Brown Boveri8217;s wholly owned subsidiary in the country to retain a two per cent spread on investments made in down stream ventures.

The MoF, which was asked for its comments on the company8217;s proposal in this regard as the cost of operative subsidiary would increase marginally, left it to the FIPB to take a decision on merit. FIPB has already cleared the proposal of ABB ABL Ltd to make a cumulative preference share issue of Rs 110 crore to ABB.