Index: utils/fpcm/fpcmake.ini
===================================================================
--- utils/fpcm/fpcmake.ini	(revision 16589)
+++ utils/fpcm/fpcmake.ini	(working copy)
@@ -118,6 +118,9 @@
 # Base dir
 ifdef PWD
 BASEDIR:=$(subst \,/,$(shell $(PWD)))
+ifdef MSYSTEM
+BASEDIR:=$(shell sh -c "pwd -W")
+endif
 # For Cygwin we need to replace /cygdrive/c/ with c:/
 ifdef inCygWin
 ifneq ($(findstring /cygdrive/,$(BASEDIR)),)