FDI proposals worth Rs 506 cr cleared

NEW DELHI: The government on Friday cleared Rs 506 crore worth of Foreign Direct Investment proposals, including Bank Brussels'' Rs 225-crore proposal for increasing foreign equity in a private Indian Bank and a Singapore-based construction company''s proposal to set up a subsidiary in the country.
Commerce and Industry Minister Murasoli Maran approved the 25 FDI proposals after the meeting of the Foreign Investment Promotion Board.
The Belgium-based Bank Brussels'' proposal to enhance its foreign equity from 30 per cent to 49 per cent in the Bangalore-based Vysya Bank was given approval.
Sanction was also accorded to the Singapore-based China Construction (South Pacific) Development Company''s Rs 100 crore proposal for "undertaking business of builders and contractors for construction and demolition work of any description, IT support services, software service (except housing and real estate development activities)".
The US-based SC Johnson and Son''s Rs 55 crore proposal for providing air care and insect control products in Pune was also given clearance, according to an official release.