Govt approves 21 FDI proposals worth Rs 36 cr

NEW DELHI: The government on Friday cleared 21 foreign direct investment proposals envisaging Rs 35.6 crore investment, including Rs 27 crore proposal by Advanced Mineral Asia pte for acquisition of shares in the Indian venture. Jaswant Singh cleared these proposals on the recommendation of the Foreign Investment Promotion Board, which held a meeting on May 8. The major investment proposals are in the areas of colour television technology, petro chemicals, wholesale trading, surgical equipment, printers, cameras, software development and cotton and other textile fabrics. Singapore-based Advanced Mineral Asia pte deals in mining, processing and selling of feldspars, industrial grade quartz, silica and sands. Other proposals include PET food maker Mars' plan to begin trading activities in India, albeit envisaging no fresh FDI inflow. French company Essilor International will invest about Rs 6 crore in transferring shares and also issue fresh shares to foreign investors in the Indian venture. Cisco's plan seeking clarification regarding activities was also cleared; so was advertising major WPP's proposal to hike stake in the Indian arm, albeit both involved negligible FDI inflow. The Rs 2-crore proposal of Swiss firm Schoeller Textile to hike equity in Schoeller Technologies India through fresh issue of shares was also cleared. Schoeller India manufactures cotton and other textile fabrics. — Agencies The proposal of UK-based Byways to invest Rs 12.5 lakh by setting up a joint venture for cash and carry wholesale trading received the nod. Mauritius-based WPP Holdings' Rs 22 lakh proposal to hike equity in Ogilvy and Mather, an advertising, marketing and public relations firm, also secured approval. Canon Singapore received nod to undertake trading of copiers, software, medical equipment, printers and cameras through Canon India. It, however, does not involve any fresh inflow of fund. The proposal of Gopal Raju of US for undertaking canvassing, advertisement agent, marketing activities for Indian and foreign magazines, journals, newspapers, TV and other media through India Abroad was also approved. Stahl Netherlands BV secured permission to test market wet end products to supplement the sale of its finishing chemicals manufactured at their plant through Stahl India while US-based Accudx Inc received nod to make and trade pathological, chemical and bio-chemical instruments, appliances, devices and reagents and hospital and surgical equipment. Both these proposals do not involve fresh inflow of funds.

Govt approves 21 FDI proposals worth Rs 36 cr

The government on Friday cleared 21 foreign direct investment proposals envisaging Rs 35.6 crore investment, including Rs 27 crore proposal by Advanced Mineral Asia pte for acquisition of shares in the Indian venture. Jaswant Singh cleared these p...

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