Hewlett-Packard Co has received approval from India’s central bank to disassociate itself from
a PC making and marketing joint venture with India’s largest IT group, HCL. The Reserve Bank of
India has cleared the sale of a final 1.05 million shares by the US giant to the promoters of HCL.
The erstwhile HCL-HP, in which HP had 40 percent equity, was India’s largest PC company. Both
partners fell out over the HCL group’s reluctance to allow HP to increase its stake in the venture,
and the US firm’s stand of keeping its lucrative printer business separate from the joint venture.
HP first decided to exit the venture in August 1997.
