Govt clears 25 FDI proposals worth Rs 150 cr

NEW DELHI: Close on heels of the economic cooperation agreement inked during Prime Minister Atal Bihari Vajpayee''s visit to China, the government on Thursday cleared the Rs 30 crore FDI proposal of a Chinese company Haier Electrical Appliances to set up a 100 per cent subsidiary in India.
This was among the 25 foreign direct investment proposals involving almost Rs 150 crore cleared by Finance Minister Jaswant Singh, after the recommendation of the Foreign Investment Promotion Board on Thursday.
Most of the proposals pertain to whole-sale trading, electronics and IT services.
The other major proposals were from UK-based VentureTech Assets Ltd, Netherland-based Perot Systems Investments BV and Berkeley Square Holding.
The other FDI proposals were from iGate, Saint-Gobain, Swedish Match and Motorola Singapore Pte.
The Chinese electrical company plans to set up a wholly-owned subsidiary in Delhi for manufacture, sale, supply, after-sales services and ''cash and carry'' wholesale trading activities of electrical products.
VentureTech Assets would invest Rs 87.50 crore in Chennai-based Sify for setting up public data network for providing e-commerce, EDI and internet services. The Indian company would offer about 1.02 million shares to the foreign partner.
Perot Systems Investments will invest Rs 11.50 crore for acquiring an Indian company through its Indian arm based in Chennai.
Berkeley Square Holding BV will pick up 50 per cent stake in WPP Marketing Communication for Rs 12.50 crore.
Alpha Beteiligungesellschaft GmbH will increase its holding in AMC Cookware India from 51 to 100 per cent for an investment of Rs 5.04 crore.
iGate Inc plans to invest Rs 23.7 lakh in acquiring 95 per cent equity of Mumbai-based Diagno Search Life Sciences.
German company Saint Gobain Diamond Winter GmbH plans to acquire the entire share of Winter Misra Diamond Tools Ltd for Rs 3.4 lakh.
Asset Management Company Ltd of Korea would buy the entire stake of Chennai-based AMCO India Construction for Rs 20 lakh.