Finmin clears 23 FDI proposals

NEW DELHI: US-based Pitney Bowes, a firm dealing in wholesale trade of hi-tech mail and data management systems, was allowed by the government to set up a wholly-owned subsidiary in India.
The MNC’s initial investment in the WOS will be Rs 23 crore. Finance minister Jaswant Singh also cleared a proposal by health scribes of the US to acquire more shares of its Indian arm by investing around Rs 11 crore. In all, Mr Singh approved 23 FDI proposals recommended by the FIPB on Tuesday. The approvals amount to a total of Rs 40.8 crore. The major investment proposals pertain to food processing industries, manufacture of engineering components, and software development, according to a finance ministry release.