Yamaha's business transfer proposal is approved

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Government has approved Japanese two-wheeler major Yamaha's proposal to transfer its Indian sales business to the new entity - India Yamaha Motor Pvt Ltd. Yamaha Motor India Sales Pvt Ltd (YMISPL) had sought approval to transfer its business to India Yamaha Motor Pvt Ltd (IYMPL), a wholly-owned subsidiary of Yamaha Motor Co, Japan. The proposal does not involve fresh investments.

In its application, YMISPL had sought to transfer its business, including sales of two-wheelers not only manufactured in India but also imported from Yamaha group companies outside, along with other products such as all terrain vehicles, generators, golf carts and unmanned helicopters.

YMISPL and IYMPL had executed a business transfer agreement in December last year, under which the entire business of the former, along with its assets, liabilities and employees, was supposed to be transferred to the latter without any change in the shareholding pattern. (IA)

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