FM clears 44 FDI proposals worth Rs 222 cr

NEW DELHI: The FM has approved 44 FDI proposals amounting to Rs 222.2 crore including a proposal of global NBFC, JP Morgan International Finance to pump in Rs 175 crore in its Indian arm — JP Morgan Securities India. According to an official release, the FDI infusion by the financial company was in connection with the clarification sought by it regarding deletion of divestment condition.
The applications of Hitachi Metals, which proposed to set up a 100% subsidiary with an investment of Rs 20 crore, and US-based Whirlpool Corp’s proposal to modify royalty terms with its Indian subsidiary were also cleared.
CDC’s Mauritius arm, South Asia Regional Fund, along with Sterling Commerce International, has been allowed to invest about Rs 4.6 crore in the Chennai-based Sify.