17 foreign companies set-up business in India during first quarter: Reports

As many as 17 foreign companies have set-up their business in India during the first quarter of the current fiscal, Parliament was informed today.

Interestingly, no overseas company shut-down their shops in India during the period.

In a written reply to Lok Sabha, Minister of State for Corporate Affairs Nirmala Sitharaman said that a total of 17 foreign companies were registered in India during the first quarter of the current fiscal, (2014-15) and Rs 3.75 lakh fee were collected from them.

In the entire 2013-14, 216 foreign companies were set-up in the country and a total of Rs 36.90 lakh were earned from their registration. However, 53 overseas firms had closed their business in India during the period.

Besides, a total of 165 and 231 foreign firms were registered in the country during 2012-13 and 2011-12, respectively.

Further, 102 foreign companies closed their business in India during 2012-13, while 85 shut down their business in the country in the preceding financial year.

"Decision on closure of businesses is taken by the management of the company concerned," Sitharaman said.