Daewoo Expanding Indian Auto Unit Stake

Business Asia, August 30, 1999 | Go to article overview

Daewoo Expanding Indian Auto Unit Stake


* Seoul -- Daewoo Motor, the flagship of South Korea's ailing Daewoo Group, plans to spend US$100 million to boost its stake in its Indian unit even as the group struggles to survive at home. The new investment, half of which will come from proceeds from auto parts produced in India, will boost Daewoo Motor's stake in the unit to 96 per cent from 92 per cent. The Indian government has approved the move.

-- Bloomberg

* Beijing -- China is working on laws and regulations dealing with the construction industry to standardise controls over the large construction business. According to the Ministry of Construction, China is drafting laws, rules and regulations on residential buildings, construction work and contracting that are in accordance with the Construction Law.

-- Asia Pulse

* Tokyo -- Japan had 50.51 million mobile phone subscribers in July, according to data released by service providers. If the current pace of growth is maintained, the number will exceed by next March the 58.28 million regular phone service customers reported by Nippon Telegraph and Telephone Corp for the year ended March.

-- Asia Pulse

* Mumbai -- Satyam Computer Services, one of India's biggest software companies, said it has dropped plans to sell new shares to foreign investors. Satyam decided to drop its money-raising plan after more than two weeks of meetings with foreign institutional investors and its adviser on the sale -- the Jardine Fleming Group -- did not generate as much interest in the shares as it had hoped.

-- Bloomberg

* Hanoi -- General Electric (GE) Appliances has returned to Vietnam after 25 years and has appointed a local firm, Hong Bao Corporation, as its sole distributor. …

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