Govt clears 40 FDI proposals worth Rs 501.14 cr

NEW DELHI: Government on Thursday cleared 40 Foreign Direct Investment proposals worth Rs 501.14 crore, including Rs 323.42 crore investment by Swiss major Campagnie Michelin to forge a tyre joint venture with Apollo Tyres.
Also, HSBC Asia Pacific''s plan to acquire up to 40.07 per cent equity shares held by resident and non resident shareholders in UTI Bank with over Rs 92 crore investment was cleared by the Finance Minister Jaswant Singh.
The over Rs 40 crore investment by Singapore-based Del Monte Pacific in setting up a wholly-owned arm to manufacture, distribute and market processed foods and beverages like ketchups, sauces AMD condiments was also cleared, according to an official statement.
Mauritian company Emergent Genetics India has been permitted to invest Rs 9.144 crore in enhancing foreign equity by acquiring share from residents as well as through share buyback. The company produces AMD markets hybrid and improved variety of seeds of cereals, fibres, legumes and vegetable crops.
The major investment proposals cleared pertain to chemicals, petro-chemicals, oils, cement, telecom and IT services, it said.