Govt clears 34 FDI proposals worth Rs 31cr

NEW DELHI: The government on Friday approved 34 Foreign Direct Investment proposals worth Rs 30.98 crore, including the Rs 17 crore plan of IndusInd International Holdings to acquire equity from the secondary market.
Also, Singapore-based Nico J Morgan will bring in Rs four crore for transferring shares from residents to non-residents, an official statement said here.
The proposals were approved by Finance Minister Jaswant Singh after clearance from the Foreign Investment Promotion Board at its meeting on March 19.
Major investment proposals pertain to chemicals and petro chemicals, manufacture and distribution of construction equipment, textiles and software development.
Japanese firm Hitachi Construction Machinery will invest another Rs two crore to hike foreign equity stake in the Indian venture besides expanding activities in the country.
MBI International will set up a wholly-owned subsidiary with Rs 2.40 crore investment for wholesale marketing of data storage products to distributors in India.
Dutch firm Gist Brocade International has been allowed a change in the activity clause with regard to its Indian arm but this involved no fresh FDI inflow.