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NETHERLAND'S STAR DIAMOND GROUP GETS NOD TO SET UP JV IN INDIA.
NEW DELHI, June 1 Asia Pulse - The Foreign Investment Promotion Board (FIPB) is believed to have cleared a proposal by Netherlands-based Star Diamond group to set up a joint venture in India to undertake diamond business.
Initially, Star Diamond group Holding BV proposed to set up the joint venture Firestar Diamond Pvt Ltd with up to a 50 per cent stake, which amounted Rs 11.2 million (US$246,000), sources said.
In the second stage, the company will invest Rs 22.5 million to foray into the import of rough diamonds, sale of these to Indian diamond manufacturers, traders and exporters.
Other areas of operations of Firestar Diamond would be manufacturing of polished diamonds by setting up a factory, production of polished diamonds through outsourcing and export of polished diamonds from India, they said.
The company plans to sell polished diamonds to jewellers.
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