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|March 26, 1998
Blue Star may set up software firm
Blue Star Limited, the group made famous by its air-conditioners and refrigerators, is considering making its lesser-known software business either into a 100-per cent owned subsidiary or a separate public limited company.
Since BSL's electronics and software division brought in 11 per cent of the company's revenues, the step envisaged will help the new company avail of income-tax benefits for software exporters losses under section 80 HHE of the Income-Tax Act. This would also help BSL focus on its core
Under the plan to make the software wing a subsidiary firm, existing BSL shareholders will get equity shares of the new firm in the same proportion as those held in BSL. A final decision on the issue is to be taken in a month or two, company sources said.
-Compiled from the Indian media
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