GM proposal among 38 FDI cases worth Rs 940cr cleared

new delhi: a rs 600-crore proposal of general motors corporation was among the 38 foreign direct investment proposals worth rs 940 crore approved by the government on wednesday. the rs 600-crore proposal of general motors coporation seeks to increase authorised capital equity by rs 400 crore while increasing the preference capital by rs 200 crore in the company''s indian arm at halol in gujarat. the fdi proposals were cleared by the commerce and industry minister murasoli maran on the basis of recommendations made by the foregn investment promotion board, an official release said here. a rs 151.56-crore proposal of dutch-based cooperative centrale raiffeisen boerenleebank to enhance foreign equity from 75 per cent to 100 per cent in rabo india finance ltd was also cleared. a rs 72.50 crore proposal of japanese company matushita electronic industrial co, involving increase in foreign equity from 70 per cent to 90 per cent in its indian arm at tamil nadu, was also approved by the government. another proposal of mauritius-based india seed holding ltd for setting up a 100 per cent owned subsidiary in india with an investment of rs 43.20 crore was also cleared. the indian subsidiary would develop, produce, process and market hybrid seeds. some of the other proposals cleared by the government included: rs 20 crore proposal of timex watches in its indian arm to increase foreign equity from 79.47 per cent to rs 83.54 per cent. rs 10 crore proposal of venenburg to invest in additional activites of vanenburg it park pvt ltd in hyderabad. rs 8.13 crore proposal of mauritian comapany alghaniam lt to hike foreign equity from 74 per cent to 77.7 per cent in rockwool india for manufacture of superior quality thermal insulation wool, namely ''rockwool''. some of the proposals which did not involve any fresh inflow included: us company abbott laboratories for an amendment in the existing foreign collaboration approval. us company alltech inc for acquisition of shares from subscribers to the memorandum and reduction in the paid-up capital. new zealand based company fonterra cooperative group for an amendment in the existing fc approval with britannia industries ltd. swedish company volvo truck corporation for an amendment in the existing fc approval in its indian arm. mauritius-based company xius technologies ltd for an equity swap in its indian arm. a proposal of motorola singapore for issue of shares to foreign collaborator on amalgation of two companies was also cleared.