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8/6/2019 FDI Policy - April 2011
http://slidepdf.com/reader/full/fdi-policy-april-2011 1/13
Consolidated FDI Policy
April 2011
www.deloitte.com/in
8/6/2019 FDI Policy - April 2011
http://slidepdf.com/reader/full/fdi-policy-april-2011 2/13Consolidated FDI Policy 3
Background
Foreign Direct Investment (FDI) Regulatory
Framework
• MinistryofCommerceandIndustry(Department
ofIndustrialPolicyandPromotion),Governmentof
India(GOI)hadreleasedConsolidatedFDIPolicyvide
Circular1of2010dated31March2010whichwas
effectivefrom1April2010.
• Thepolicydocumenthadconsolidatedall
priorpolicies/regulationsonFDIissuedbythe
DepartmentofIndustrialPolicyandPromotion(DIPP)
andtheReserveBankofIndia(RBI).Further,ithas
beenindicatedthatthepolicywouldbeineffectup
to30September2010andsubjecttorevieweverysix
monthstoreectallchangesintheregulationsduring
theinterveningsixmonths.AccordinglytheDIPP
hadreleasedtherevisedConsolidatedFDIPolicyvide
Circular2of2010dated30September2010which
waseffectivefrom1October2010andlapsedon31
March2011.
• DIPPhasnowreleasedtherevisedConsolidatedFDI
PolicyvideCircular1of2011dated31March2011whichiseffectivefrom1April2011.
• IthasbeenindicatedthattheCircularconsolidates
allpriorpolicies/regulationsonFDIissuedwithin
theinterveningperiodandreectthecurrent‘policy
framework’onFDI.Thecircularisnotintendedto
makechangesintheexistingregulations.Furtherall
earlierPressNotes/PressReleases/Claricationson
FDIissuedbytheDIPPstandrescinded.
• Ithasbeenclariedthatanythingdoneorany
actiontakenundertherescindedPressNotes/Press
Releases/Claricationspriorto31March2011shall
beeffectiveandvalidsubjecttotheconditionthatit
wasnotinconsistentwiththosePressNotes/Press
Releases/Clarications.
• Thelegalstructureofthecircularisbuilton
noticationsissuedbyReserveBankofIndia(RBI)
underForeignExchangeManagementAct,1999
(FEMA).Hence,anycorrespondingchangemadeby
RBIfromtimetotimewouldhavetobecomplied
withandincaseofneed/scopeofinterpretation,the
relevantFEMAnoticationwillprevail.
Consolidated FDI Policy vide Circular1 of 2011 dated 31 March 2011 whichis effective from 1 April 2011.
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Key Points underCircular 1 of 2011
Pricing o convertible instruments
• Ithasbeenprovidedthattheprice/conversion
formulaofconvertiblecapitalinstrumentsissuedby
Indiancompaniesisrequiredtobedecidedupfront
atthetimeofissueofthesaidinstrument.Further,
thepriceatthetimeofconversionshouldnotinany
casebelowerthanthefairmarketvalueworkedout
atthetimeoftheissuanceofsuchinstruments,in
accordancewithextantFEMAregulations(theDCF
methodofvaluationforunlistedcompaniesand
valuationintermsofSEBI(ICDR)Regulations,for
listedcompanies).Consequentlytheabsoluteprice
mechanismhasbeendoneawaywithandparties
wouldbeabletosetaformulaforconversionin
future.
Downstream investments
• Thedistinctionsinthepriorpolicybetweenoperating
companies,operating-cum-investingcompanies
andonlyinvestingcompanieshavebeeneliminated.
Companieshavenowbeenclassiedintoonlytwocategories,viz“companiesownedorcontrolledby
non-residententity/ies”and“companiesownedand
controlledbyIndianresidents”.
• ThenewpolicyclariesthatpriorFIPBapprovalwould
berequiredforinvestmentsbyforeigninvestorsinto
companiesincorporatedinIndiaandwhoseonly
activityisinvestinginthecapitalofotherIndian
companies(i.e.holdingcompanies)regardlessof
theamountorextentofforeigninvestment.Further
infusionoffundsintoanIndiancompanywhichdoes
nothaveoperationsordownstreaminvestments
wouldalsorequirepriorFIPBapproval,regardlessoftheamountorextentofforeigninvestment.
• Howeverthereisnochangeinthepolicyframework
asfarasthedownstreaminvestmentsbycompanies
whichareownedand/orcontrolledbynon-resident
entitiesisconcerned.
Prior approval in case o existing joint ventures/
technical collaborations in the ‘same feld’
• UnderthepriorFDIpolicy,whereaforeigninvestor
hadalreadyinplaceinIndiaajointventureortech-
nologytransferortrademarkwithanIndiancoun-
terpart,itcouldnotenterintoanewjointventure,
makeaninvestmentorenterintoatechnology
collaborationortrademarkagreementorenterinto
atechnologytransferagreementwithouttheprior
approvaloftheFIPB.Assuchtherewasaneedfeltto
attractfreshinvestmentandtechnologyinowsandalsoreducethelevelsofStateintervention.
• Accordinglyunderthenewpolicy,foreigninvestors
wouldnotberequiredtoobtainFIPBapproval
beforeinvestinginthebusinessinthe“sameeld”
asanexistingjointventureortechnologytransfer
ortrademarkagreemententeredintobefore1June
2005.However,thisdoesnotaffecttherequire-
mentofobtainingFIPBapprovalinsectorssubjectto
sectoralcaps.
Investment in Non-Banking Financial Companies(NBFC)
• Ithasbeenclariedthatforeigninvestmentinto
NBFCscarryingonactivitiesapprovedforFDIwould
needtocomplywiththeconditionsspeciedforsuch
NBFCs.FurthercompanieswhichareclassiedasCore
InvestmentCompanies(CICs)wouldalsoneedto
additionallyfollowRBIsregulatoryframeworkforCICs
Issue o shares or non-cash consideration
• ThepriorFDIpolicyallowedissueofsharesbyIndian
companiesonlyagainstcashconsideration,apart
fromconversionofECBsandpaymentobligations
towardslumpsumfeeorroyaltyfortechnicalcollabo-
ration.Allotherissueofsharesforconsiderationother
thancashrequiredapprovaloftheFIPB.Nowunder
thenewpolicy,issueofsharesforconsideration
Price/ conversion formulaof convertible capital
instruments issued byIndian companies isrequired to be decidedupfront
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otherthancashhasbeenexpresslypermittedforthe
followingcategoriesaftertakingpriorapprovalof
theFIPBandsubjecttotheconditionsasstipulated:
– importofcapitalgoods/machinery/equipment
(includingsecond-handmachinery),subjectto
compliancewiththefollowingconditions:
i. Anyimportofcapitalgoods/machineryetc.,
madebyaresidentinIndia,hastobein
accordancewiththeExport/ImportPolicy
issuedbyGOIasdenedbyDGFT/FEMAprovi-
sionsrelatingtoimports.ii. Anindependentvaluationhastobecarried
outforthecapitalgoods/machinery/equip-
ments(includingsecond-handmachinery)bya
thirdpartyentity,preferablybyanindependent
valuerfromthecountryofimportalongwith
productionofcopiesofdocuments/certicates
issuedbythecustomsauthoritiestowards
assessmentofthefair-valueofsuchimports.
iii.Theapplicationhastoclearlyindicatethebene-
cialownershipandidentityoftheImporter
Companyaswellasoverseasentity.
iv.Allsuchconversionsofimportpayablesfor
capitalgoodsintoFDIshouldbedonewithin
180daysfromthedateofshipmentofgoods.
– pre-operative/pre-incorporationexpenses
(includingpaymentsofrentetc.),subjectto
compliancewiththefollowingconditions:
i. SubmissionofFIRCforremittanceoffunds
bytheoverseaspromotersfortheexpendi-
tureincurred.
ii. Vericationandcerticationofthepre-
incorporation/pre-operativeexpensesbythe
statutoryauditor.
Sectoral Specifc changes:
Followingmodicationshavebeenprovidedinrespect
ofthefollowingsectors/sub-sectors
Agriculture
• Therestrictioninrespectof‘controlledconditions’is
notapplicableinrespectoftheactivityofdevelop-
mentandproductionofseedsandplantingmaterial.
Civil Aviation
• Non-scheduledairlines,charteredairlinesandcargo
airlineshavebeenremovedfromthedenitionof
Non-scheduledAirTransportServices
Trading
• WholesaleTradingofitemssourcedfromMedium&
Smallenterprises(MSEs)isnowconsideredas100%
undertheautomaticroute.
• Tradingforexportshasbeenremovedfromthe
schedule.
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Conclusion
Thisperiodicalupdation/reviewoftheforeign
investmentpolicyisawelcomeinitiativeonthepartof
theMinistryofCommerceandIndustryandprovidea
mechanismtothegovernmenttoconsiderthepolicy
oninvestmentsintoIndiainvarioussectorsandalso
addressissues/concernsofinvestorswhichmayactasa
deterrentonanongoingbasis.Whiletheclarication/
policychangesonpricingofconvertibleinstruments,
downstreaminvestmentsandpriorapprovalofexisting
jointventuresiswelcomed,itmayberelevantto
considerthediscussionpapersandcommentsreceived
thereoninrespectofFDIinLLPs,defencesector
andmulti-brandretailandtranslatingintoapolicy
announcement.
A Brief Comparative of sectoral caps after
considering the policy changes has been given in the
Annexure for the readers’ ready reference.
Theseneedtobereadwithanystipulations/
combinationsprovidedunderthepolicy/sectorrules/
regulationsandtheschedule.
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Annexure
Industry Sectors
A. Agriculture
B. Industry
1. Mining
2. Manufacture
3. Power
C. ServiceSector
4. CivilAviationSector
5. AssetReconstructionCompanies
6. Banking–PrivateSector
7. Banking–PublicSector
8. Broadcasting
9. CommodityExchanges
10. DevelopmentofTownships,Housing,Built-upInfrastructureandconstructiondevelopmentprojects
11. Courierservicesforcarryingpackages,parcelsandotheritemswhichdonotcomewithintheambitofthe
IndianPostOfceAct,1898.
12. CreditInformationCompanies(CIC)
13. IndustrialParksbothsettingupandinestablishedIndustrialParks
14. Insurance15. Infrastructurecompaniesinsecuritiesmarketsnamely,StockExchanges,DepositoriesandClearing
Corporations
16. Non-BankingFinanceCompanies
17. PetroleumandNaturalGasSector
18. PrintMedia
19. SecurityAgenciesinPrivateSector
20. Satellites–Establishmentandoperation
21. Telecommunications
22. Trading
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Industry Cap rom 1 April 2011
A. Agriculture & animal husbandry
i. Floriculture,Horticultureandcultivationofvegetables,mushrooms,undercontrolledconditions;
ii. AnimalHusbandry(includingbreedingofdogs),Pisciculture,aqua-cultureundercontrolledconditions;
iii.DevelopmentandproductionofSeedsandplantingmaterial;
iv.Servicesrelatedtoagroandalliedsectors.
Note:BesidestheaboveFDIisnotallowedinanyotheractivity.
100%(Automatic)
v. TeaSector,includingteaplantations
Compulsorydivestmentof26%equityofthecompanyhastobedoneinfavourofanIndianpartner/Indian
publicwithinaperiodof5years.
Note:BesidestheaboveFDIisnotallowedinanyotherplantation/sectoractivity.
100%(FIPB)
B. Industry
1.Mining
i.MiningandExplorationofmetalandnon-metaloresincludingdiamond,gold,silverandpreciousoresbut
excludingtitaniumbearingmineralsanditsoressubjecttotheMinesandMinerals(DevelopmentandRegulation)
Act,1957
100%(Automatic)
ii.CoalandLigniteminingforcaptiveconsumptionbypowerprojects,andironandsteel,cementunitsandother
eligibleactivitiespermittedundertheCoalMines(Nationalisation)Act,1973
100%(Automatic)
i ii .Forsettingupcoalprocessingplantsl ikewasheriessubjecttotheconditions 100%(Automatic)iv.Miningandmineralseparationoftitaniumbearingmineralsandores,itsvalueadditionandintegratedactivities
subjecttosectoralregulationsandtheMinesandMinerals(DevelopmentandRegulation)Act,1957
Note:FDIwillnotbeallowedinminingof“prescribedsubstances”listedinGovernmentofIndianoticationNo.
S.O.61(E)dated18January2006issuedbytheDepartmentofAtomicEnergy.
100%(FIPB)
2.Manufacturing
i.ManufactureofitemsreservedforproductioninMicroandSmallEnterprises(MSEs).Suchanundertaking
wouldberequiredtoobtainIndustrialLicenseundertheIndustries(Development&Regulation)Act1951,forsuch
manufacture.
FIPBbeyond24%
ii.DefenceIndustrysubjecttoIndustriallicenseundertheIndustries(Development&Regulation)Act,1951 26%(FIPB)
ii.CigarsandCigarettes–Manufacture (Prohibitedfortheactivity
ofmanufacturingofcigars,
cheroots,cigarillosand
cigarettesoftobaccoand
tobaccosubstitutes)
3.Power
i.Generationandtransmissionofelectricenergyproducedinhydroelectric,coal/lignitebasedthermal,oilbased
thermalandgasbasedthermalpowerplants;
ii.Non-ConventionalEnergyGenerationandDistribution;
iii.Distributionofelectricenergytohouseholds,industrial,commercialandotherusers;and
iv.PowerTrading
Note:AlltheabovewouldbesubjecttotheprovisionsoftheElectricityAct2003.
Note:(i)to(iii)abovedonotincludegeneration,transmissionanddistributionofelectricityproducedinatomic
powerplant/atomicenergysinceprivateinvestmentinthissector/activityisprohibitedandisreservedforpublic
sector.
100%(Automatic)
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Industry Cap rom 1 April 2011
C. Service sector
4.CivilAviationSector12
i.Airports
a.Greeneldprojects 100%(Automatic)
b.Existingprojects 100%
(Automatic–upto74%)(FIPB-beyond74%)
ii.AirTransportServices3
a.Greeneldprojects 100%(Automatic)
b.Existingprojects 100%
(Automatic–upto74%)
(FIPB-beyond74%)
ii.AirTransportServices
a.ScheduledAirTransportServices/DomesticScheduledPassengerAirl ine 49%(Automatic)
ForNRI100%(Automatic)
b.Non-scheduledAirTransportService 74%
(Automatic–upto49%)
(FIPB–beyond49%upto
74%)
ForNRI100%(Automatic)
c.HelicopterServices/SeaplaneservicesrequiringDGCAapproval 100%(Automatic)
iii.OtherServices
a.GroundHandlingServicessubjecttosectoralregulationsandsecurityclearance 74%
(Automatic–upto49%)
(FIPB–beyond49%upto
74%)
ForNRI100%(Automatic)
b.MaintenanceandRepairorganizations;yingtraininginstitutes;andtechnicaltraininginstitutions 100%(Automatic)
5.AssetReconstructionCompanies(ARCs) 49%(FIPB)6.Banking–PrivateSector 74%(includinginvestment
byFII)
(Automatic–upto49%)
(FIPB–beyond49%upto
74%)
7.Banking–PublicSector 20%(FIPB)
(FDI+Portfolioinvestment)
1ForthepurposeofCivilAviationSector,thetermsAirport,Aerodrome,AirTransportService,AirTransportUndertaking,AircraftComponent,
Helicopter,ScheduledAirTransportService,Non-ScheduledAirTransportService,Chartered,Cargo,Seaplane,andGroundHandlinghave
beendened.
2ThepolicyforFDIintheCivilAviationSectorwouldbesubjecttotheAircraftRules,1934asamendedfromtimetotime,CivilAviationRequirements,andAeronauticalInformationCircularsasnotiedbytheMinistryofCivilAviation.3AirportTransportServicesincludesDomesticScheduledPassengerAirlines;Non-SchedulesAirlines;CharteredAirlines;CargoAirlines;
HelicopterandSeaplaneServices.4HITSBroadcastingServicesreferstothemultichanneldownlinkinganddistributionoftelevisionprogrammeinC-BandorKuBandwhereinall
thepaychannelsaredownlinkedatacentralfacility(Hub/teleport)andagainuplinkedtoasatelliteafterencryptionofchannel.
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Industry Cap rom 1 April 2011
8.Broadcasting
i. FMRadio 20%(FIPB)
(FDI+NRI+PIO)
ii.Cablenetwork 49%(FIPB)
(FDI+NRI+PIO)
iii.Direct-To-Home 49%(FIPB)
(FDI+NRI+PIO)
(FDIcomponentnotto
exceed20%)
iv.Headend-In-The-Sky(HITS)BroadcastingService4 74%
(Automatic–upto49%)
(FIPB–beyond49%upto
74%)
(DirectandIndirectforeign
investmentincludingFDIand
Portfolio)
v.Settinguphardwarefacilitiessuchasup-linking,HUB,etc. 49%(FIPB)
(FDI+FII)
vi.Up-linkingaNon-news&CurrentAffairsTVChannel 100%(FIPB)
vii.Up-linkingaNews&CurrentAffairsTVChannel 26%(FIPB)
(FDI+FII)
9.CommodityExchanges 49%(FIPB)
(FDI+FII)
InvestmentbyFIIinPIS
Schemewillbelimitedto
FII23%andinFDIScheme
shallbelimitedto26%
10.DevelopmentofTownships,Housing,Built-upInfrastructureandconstructiondevelopmentprojectsubjectto
conditionslikeminimumareatobedeveloped,minimumcapitalization,etc.6
Note:FDIisnotallowedinRealEstateBusiness
100%(Automatic)
11.Courierservicesforcarryingpackages,parcelsandotheritemswhichdonotcomewithintheambitofthe
IndianPostOfceAct,1898
100%(FIPB)
12.CreditInformationCompanies(CIC) 49%(FIPB)
(FDI+FII)
(FIIinvestmentnottoexceed
24%)
13.IndustrialParks7bothsettingupandalreadyestablishedIndustrialParks 100%(Automatic)
14.InsuranceissubjecttolicensingwithInsuranceRegulatory&DevelopmentAuthority. 26%(Automatic)
15.Infrastructurecompaniesinsecuritiesmarketsnamely,StockExchanges,DepositoriesandClearing
Corporations
Note:FIIcaninvestonlythroughpurchasesinthesecondarymarket
49%(FIPB)
(FDI+FII)
FDI–26%FII–23%
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Industry Cap rom 1 April 2011
16.Non-BankingFinanceCompanies
i.MerchantBanking
ii.Underwriting
iii.PortfolioManagementServices
iv.InvestmentAdvisoryServices
v.FinancialConsultancy
vi.StockBroking
vii.Assetmanagement
viii.VentureCapital
ix.CustodianServices
x.Factoring
xi.CreditRatingAgencies
xii.Leasing&Finance
xiii.HousingFinance
xiv.ForexBroking
xv.CreditCardBusiness
xvi.MoneyChangingBusiness
xvii.MicroCredit
xviii.RuralCreditNote:InvestmentwouldbesubjecttothecompliancewiththeminimumcapitalizationNormsasprescribed
100%
(Automatic)
17.PetroleumandNaturalGasSector
i.PetroleumReneryofPublicSectorUndertaking(PSU)withoutanydisinvestmentordilutionofdomestic
equityintheexistingPSUs.
49%(FIPB)
ii.Explorationactivitiesofoilandnaturalgaselds,infrastructurerelatedtomarketingofpetroleumproducts,
actualtradingandmarketingofpetroleumproducts,petroleumproductpipelines,naturalgas/LNGpipelines,
marketstudyandformulationandPetroleumreningintheprivatesectorsubjecttotheexistingsectoralpolicy
andregulatoryframeworkintheoilmarketingsectorandthepolicyoftheGovernmentonprivateparticipation
inexplorationofoilandthediscoveredeldsofnationaloilcompanies
100%
(Automatic)
18.PrintMedia
i.Publishingofnewspaperandperiodicalsdealingwithnewsandcurrentaffairs 26%(FIPB)
(FDI+FII+NRI+PIO)
ii.PublicationofIndianeditionsofforeignmagazinesdealingwithnewsandcurrentaffairs 26%(FIPB)
(FDI+FII+NRI+PIO)
iii.Publishing/Printingofscienticmagazines/specialtyjournals/periodicals 100%(FIPB)
iv.Publicationoffacsimileeditionofforeignnewspapers 100%(FIPB)
19.SecurityAgenciesinPrivateSector 49%(FIPB)
20.Satellites–Establishmentandoperation 74%(FIPB)
5TheFDIwillbesubjecttotheconditionthattheportfolioinvestmentfromFII/NRIshallnotbe“personsactinginconcert”withFDIinvestors,
asdenedintheSEBI(SubstantialAcquisitionofSharesandTakeovers)Regulations,1997.6Itwouldinclude,butnotberestrictedto,housing,commercialpremises,hotels,resorts,hospitals,educationalinstitutions,recreationalfacili-
ties,cityandregionallevelinfrastructure.7Forthepurposeofindustrialparks,thetermsIndustrialPark,Infrastructure,CommonFacilities,AllocableArea,andIndustrialActivityhave
beendened.8‘Magazine’,forthepurposeoftheseguidelines,willbedenedasaperiodicalpublication,broughtoutonnon-dailybasis,containingpublic
newsorcommentsonpublicnews.
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Industry Cap rom 1 April 2011
21.Telecommunications
i.Basicandcellular,UniedAccessServices,National/InternationalLongDistance,V-Sat,PublicMobileRadio
TrunkedServices(PMRTS),GlobalMobilePersonalCommunicationsServices(GMPCS)andothervalueadded
telecomservices
74%(Automatic–upto49%
and
(FIPB–beyond49%upto
74%)
(IncludingFDI,FII,NRI,
FCCBs,ADRs,GDRs,convert-
iblepreferenceshares,and
proportionateforeignequity
inIndianpromoters/Investing
Company)
Indianshareholdingshallnot
belessthan26%
ii.ISPwithgateways,radiopaging,end-to-endbandwidth. 74%(Automatic–upto49%)
(FIPB–beyond49%upto
74%)
iii.ISPwithoutgateways 74%
(Automatic–upto49%)
(FIPB–beyond49%upto
74%)
iv.Infrastructureproviderprovidingdarkbre,rightofway,ductspace,tower(CategoryI) 100%
(Automatic–upto49%)
(FIPB–beyond49%))
v.Electronicmailandvoicemail 100%
(Automatic–upto49%)
(FIPB–beyond49%
22.Trading
i.Wholesale/Cash&CarryingTradingasdened(includingsourcingfromMSEs) 100%(Automatic)
ii.E-commerceActivities9 100%(Automatic)
iii.Testmarketingofsuchitemsforwhichacompanyhasapprovalformanufactureprovidedsuchtestmarketingfacilitywillbeforaperiodof2years,andinvestmentinsettingupmanufacturingfacility
commencessimultaneouslywithtest
100%(FIPB)
iv.SingleBrandProductretailing 51%(FIPB)
Insectors/Activitiesnotlistedabove,FDIispermittedupto100%ontheautomaticroutesubjecttoapplicable
laws/sectoralrules/regulations.
9E-commerceactivitiesrefertotheactivityofbuyingandsellingbyacompanythroughthee-commerceplatform.Suchcompanieswould
engageonlyinB2Be-commerceandnotinretailtrading,inter-aliaimplyingthatexistingrestrictionsonFDIindomestictradingwouldbe
applicabletoe-commerceaswell.
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Mumbai
264-265,VaswaniChambers,
Dr.AnnieBesantRoad,
Worli,Mumbai400030
Tel:+91(022)66198600
Fax:+91(022)66198401
Bangalore
DeloitteCentre,AnchorageII,
100/2,RichmondRoad,
Bangalore560025
Tel:+91(080)66276000
Fax:+91(080)66276409
Delhi NCR
Building10,TowerB,7thFloor,
DLFCyberCity,Gurgaon122002
Tel:+91(0124)6792000
Fax:+91(0124)6792012
Chennai
No.52,VenkatanarayanaRoad,
7thFloor,ASVNRamanaTower,
T-Nagar,Chennai600017
Tel:+91(044)66885000
Fax:+91(044)66885019
Kolkata
BengalIntelligentParkBuilding,
Alpha,1stoor,PlotNo–A2,
M2&N2,Block–EP&GPSector–V,
SaltLakeElectronicsComplex,
Kolkata700091
Tel:+91(033)66121000
Fax:+91(033)66121001
Ahmedabad
“Heritage”3rdFloor,NearGujaratVidyapith,
OffAshramRoad,Ahmedabad380014
Tel:+91(079)66073100
Fax:+91(079)27582551
Hyderabad
1-8-384&385,3rdFloor,
GowraGrandS.P.Road,Begumpet,
Secunderabad500003
Tel:+91(040)40312600
Fax:+91(040)40312714
Vadodara
Chandralok,31,NutanBharatSociety,
Alkapuri,Vadodara390007
Tel:+91(0265)2333776
Fax:+91(0265)2339729
Contacts
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