Reserve Bank of India stops Haier to setup a mobile phone unit in India
January 15th, 2007 Leave a comment Visited 54 times, 2 so far today
Reserve Bank of India stops Haier to setup a mobile phone unit in India
The Reserve Bank of India has rejected an application from the Haier International to set up a telecom handsets marketing venture in India.
The Indian government requires close scrutiny of any investment by a Chinese company in the Indian market and this rejection is a result of that aim.
Haier is not alone to have seen this block. ZTE and Huawei are two other Chinese companies which have been denied permission to setup manufacturing plants in India.
The RBI stated that deal would have to be cleared by the Foreign Investment Promotion Board and the department of telecom.
Haier had asked permissions to setup a majority-owned venture called Haier Telecom in collaboration with Nascomed Technologies to sell mobile handsets in the Indian market.
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January 15th, 2007 at 7:25 am
I don’t understand the reason behind the hostile stand taken by the Indian Government regarding the Chinese companies. I’m currently working in China with a telecom MNC. When some of my Chinese colleagues ask what is the reason behind the rejections of applications etc, it is kind of embarassing.