Saturday, January 13, 2007

Sinophobia: Haier blocked from starting cellphone arm

FE reports
The Reserve Bank of India has rejected a proposal by Chinese consumer electronics major Haier International to set up a telecom handsets marketing venture in India. This is in line with the government’s stand that any investment by a Chinese company should be scrutinised closely.

Haier is the third Chinese company after ZTE and Huawei to be blocked by an arm of government from setting up operations in the country. The apex bank is of the view that since the proposal was from a Chinese company, even though it falls under the automatic route, it would have to be cleared by the Foreign Investment Promotion Board and the department of telecom.

Check out this one too 'Scrutiny of foreign takeovers is prudent not protectionist' by John Kay - here

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