BUSINESS

Xerox ups stake in Indian venture

NEW DELHI, OCT. 11. The copier giant Xerox Corporation today announced that it was raising its equity stake in the Indian joint venture, Xerox Modicorp, to 86 per cent with the aim of ultimately making this company a wholly-owned subsidiary. At present Mcorp Global of B.K. Modi has a 36.4 per cent shareholding in the joint venture which is being acquired by Xerox Corporation.

In a statement issued here today, Xerox President, Jule E. Limoli, said the acquisition was the first step for Xerox to achieve 100 per cent ownership of Xerox Modicorp. It was also consistent with Xerox's determination to continue its strong present in India for the long term, he said. With this acquisition, 86 per cent equity stake of Xerox Modicorp will be with Xerox Corporation and the balance with the public and Modi Rubber.

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