Gabriel of UK can set up an arm here: FM

NEW DELHI: Finance minister Jaswant Singh has cleared a mega foreign investment (FDI) proposal from Gabriel Trade & Investment Company of the UK to set up a wholly-owned arm at a cost of Rs 900 crore.
He has also cleared 29 other FDI proposals including UK-based Henderson Asia Pacific Private Equity Partner’s plan to pick up 19.23% Hindustan Times group company HT Media for Rs 124 crore. Based on the recommendations of the Foreign Investment Promotion Board (FIPB), Mr Singh’s clearances were finalised on Friday.
To be located at south Gujarat, Gabriel Trade & Investment Company’s proposal is for the manufacture of methanol. Following the finance minister’s clearance, the proposal will now be considered by the Cabinet Committee on Economic Affairs (CCEA).
According to a statement from the finance ministry, Mr Singh also cleared Hong Kong-based TCL Overseas Holdings plan to set up a 100% subsidiary in Noida for Rs 50 crore. Most of the FDI proposals cleared on Friday pertain to chemicals, petrochemicals, manufacturing of auto components, media and IT sectors.
Dutch company Stahl’s plans to set up a subsidiary in India with an initial investment of Rs 9 crore has also been cleared. Other major proposals include Reebok International’s plan to increase foreign holding in the Indian arm up to 93.15%.