Reserve Bank of India (RBI) has allowed Hinduja Foundries to raise its foreign investment limit up to 60% of paid-up capital. The company has already passed resolution at the Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investor (FIIs), through primary market and stock exchanges up to 60% of the paid up capital of the company under Portfolio Investment Scheme.
Hinduja Foundries was established in 1959, when the Indian automotive industries started growing. Hinduja Foundry is the first largest automobile-jobbing foundry in India and is part of Hinduja Group.
