Bosch and Samsung gains clearance in India
Internet and technology firms Bosch and Samsung were the first companies to receive clearance for their investments in India. Under the National Policy on Electronics, a total of INR961 crore worth of investments were cleared by the Indian government today.
"This is first tranche of investment where we have moved forward with around INR1,000 crore," said Kapil Sibal, India's Minister of Telecommunications.
"We have firm applications of INR4,600 crore. As we move forward, in a month or so we will clear that because now we have set up parameters for clearance as well," he said.
According to the minister, the administration announced a target for the ministry to attract foreign and domestic investments of INR25,000 crore before the current fiscal year ends.
Bosch Electronics was the first company cleared in the automotive electronics sector. The company's placement was worth INR544 crore. Samsung Electronics' investment was worth INR406 crore. Samsung was the first firm to be cleared in the mobile phone sector.
LED lights manufacturer Sahasra Electronics was also included in the first clearance, the first local firm to be granted by the government.