FDI proposals worth Rs 490 crore cleared

NEW DELHI: The government on Monday cleared 15 proposals envisaging foreign direct investment of Rs 490 crore, including one worth Rs 400 crore by liquor major Scottish & Newcastle Plc to set up a wholly-owned subsidiary for providing technical consultancy to manufacture, market and distribute beer.
Commerce and Industry Minister Arun Shourie approved the 15 proposals on recommendations of the Foreign Investment Promotion Board (FIPB), an official statement said.
The major investment proposals pertain to sectors like cash & carry wholesale trading, manufacture of confectionary items and providing consultancy in manufacturing and marketing beer.
Among the proposals cleared was Singapore-based Jurong Infra Global Pte''s for setting up a wholly-owned subsidiary for designing, engineering, procurement and construction activities and projects. It involves Rs 27.3 crore FDI inflow.
Also, US major Scovill Fasteners'' proposal to set up a 100 per cent subsidiary for imports and engaging in ex-bonde warehouse sales was cleared. The proposal envisages Rs 32 crore FDI inflow.
The Netherland-based Perfetti has been allowed to amalgamate Van Malle Confectinery India into Perfetti India and will bring in Rs 13.08 crore as FDI.
Other proposals cleared include Mauritian transport firm Sorbus Associates'' Rs 11.92 crore investment in forging a joint venture and BHP Petroleum''s intention to set up a special purpose company as a holding company for energy generation.