46 FDI proposals worth Rs 214 crore cleared

NEW DELHI: The government on Wednesday cleared 46 foreign direct investment (FDI) proposals involving Rs 214 crore, including the Rs 73.76 crore proposal of Chubb Global Financial Services for acquiring 26 per cent stake in its general insurance joint venture.
The proposals were cleared by Commerce and Industry Minister Murasoli Maran after the Foreign Investment Promotion Board (FIPB) submitted these, according to an official statement.
CHUBB proposes to invest Rs 73.76 crore (including premium) in acquiring 26 per cent stake in the JV company HDFC CHUBB General Insurance Company.
Mauritius-based Van Gogh Investments'' plan to invest Rs 30 crore in setting up a wholly-owned software development business in Mumbai was also approved.
British company Merdist''s proposal to pump in Rs 25 crore in setting up a wholly-owned company for exploration, development, mining and processing of base and precious metals was also approved by the minister, the statement said.
Korean major Sinjin Engineering plans to invest Rs 18.80 crore in the country to set up a 100 per cent owned facility for manufacturing automotive components and plastic parts while another British firm, Pinecliff, wants to increase its equity stake in Sona Investment from 30 to 45 per cent by infusing Rs 10 crore.
Samsung Electronic''s proposal to amend the existing foreign currency approval and allow test-marketing of specific state-of-the-art high tech, high value models besides imports and marketing of PC components in India have also been approved.