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August 20, 1999
HP gets FIPB approval for setting up subsidiaryHewlett-Packard, the global computing and imaging solutions major, has received permission from India's Foreign Investment Promotion Board to set up a wholly owned subsidiary.
The subsidiary, called Agilent Technologies, will now let HP put in motion part of its worldwide restructuring plan.
HP's global plan to realign its business had already been announced but the FIPB approval was received recently.
Agilent Technologies will comprise HP's measurement and component business.
Besides implementing its global restructuring plan in India, Hewlett-Packard would double its investments in the country. It is also taking major initiatives in the electronic commerce and electronic services.
''We will double our resources in India in the next four to five months,'' HP India President Ganesh Ayyar has promised.
While Ayyar does not disclose how much money would be pumped into the Indian operations, he says the number of IT professionals hired by the company would double soon.
''We will be investing heavily in human resource,'' HP Vice-President Stacy Plemmons said. HP India, with 335 employees, has revenue of Rs 6.56 billion in 1997-98.
Though a late entrant in the e-commerce and e-service business, HP has unveiled plans to launch these initiatives, leveraging on its brand equity. The company has also drawn India-specific plans as well, under which it will finance the start-up ventures on a 'risk and reward' basis.
It will also provide infrastructure support to companies it would partner with. It is negotiating with a few communications companies. The initiatives with these firms should take off within the next six months.
HP would also do asset financing in the e-commerce and e-service business. The Indian subsidiary would follow the worldwide business models for financing partner companies. On a worldwide scale, HP does asset financing of $4 billion.
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