Samsung seeks FIPB clearance

 Samsung Electronics India Information and Telecommunications Ltd, another wholly-owned subsidiary of South Korean consumer electronics giant Samsung Electronics, was merged with SIEL last month.

 Following the merger, the annual turnover of the new entity, Samsung India Electronics Ltd, is expected to touch Rs 5,000 crore during the year ending December 2003.

 Until now, Samsung India was engaged in the manufacturing and marketing of colour televisions and home appliances, such as washing machines, refrigerators, air-conditioners and microwaves.

 The other wholly-owned subsidiary, Samsung Electronics India Information and Telecommunications Ltd, had a manufacturing unit for PC colour monitors, with a capacity of 1 million units a year.

 It also marketed TFT-LCD monitors, hard disc drives, optical disc drives, laser printers, multi-functional products and mobile phones, including MP3 and code division multiple access (CDMA) phones, which were imported from Samsung's overseas manufacturing units.

 The company had permission from the FIPB to import these products through the cash-and-carry wholesale route.