German automobile major, BMW, has sought FIPB permission to set up a modern plant at Chingleput, Tamil Nadu, at an investment of around $40 million. The company would acquire a 100 per cent stake in BMW India Private Ltd (BMWIPL). The company plans to set up a facility for assembly of imported completely knocked down (CKD) units, with certain components procured locally. The company is also seeking permission for import of completely built up units from its overseas plants. BMWIPL has paid-up capital of Rs 1 lakh, and authorized capital of Rs 3.5 crore. The German auto major wants to purchase the domestic shareholding, and issue fresh equities to itself for raising the share capital. The principal company in the group - Germany- based BMW AG - would acquire 30 per cent of the stake while its Netherlands- based subsidiary. BMW Holding, would acquire the remaining 70 per cent.