The RPG group has decided not to oppose Swiss watch major Swatch's plans to set up a 100 per cent subsidiary in India.
Sources close to RPG said the group had signed a joint venture agreement with Swatch in 1996 but had decided against proceeding with it.
A RPG spokesperson said the group had decided against investing in watches and that there was no objection to Swatch's plans. But, we would like to issue a legal no objection certi-
ficate before Swatch starts activities in India, the spokesperson added.
The 1996 agreement had given 51 per cent control to Swatch.
The Swiss franc 3 billion group has applied to the Foreign Investment Promotion Board (FIPB) to set up a fully ow
