Chinese co gets FIPB nod

NEW DELHI: Finance Minister Jaswant Singh today approved 25 FDI proposals, recommended by the Foreign Investment Promotion Board (FIPB), amounting to Rs. 149.6 crore.
This includes UK-based VentureTech Assets’ Rs 87.5 crore FDI proposal to pick up 1.02 million equity shares in Chennai-based public data network provider (e-commerce, EDI and internet services) Sify Ltd. Besides, Haier Electrical Appliances Corporation of China was allowed to set up 100% arm in India with foreign direct investment of Rs. 30 crore. The Haier venture would be for manufacture, sales as well as cash and carry wholesale trading in electrical and electronic products. The FM also cleared a proposal of Netherlands based Perot Systems for a BPO project involving processing of medical billing and medical insurance claims. This again was 100% FDI proposal and amounted to Rs 11.5 crore.
Another proposal approved today was that of Berkeley Square Holding, Netherlands to acquire 50% equity stake in Mumbai-based WPP marketing Communications for providing community services to pharmaceutical companies. This proposal involved FDI of Rs 12.5 crore.