Govt clears Bridgestone FDI proposal

NEW DELHI: The government on Monday approved FDI worth Rs 92 crore, in a diverse range of projects from the manufacture of pneumatic tyres of rubber, setting up of a power plant to software development, consultancy and services.
Japanese tyre maker Bridgestone Corporation’s Rs 66.6 crore proposal for hiking equity in its Indian arm to 100% was among the 23 proposals cleared by the government today.
The proposals were approved by the commerce and industry minister Arun Shourie, on the basis of recommendations made by the Foreign Investment Promotion Board, an official release said here. The Rs 15 crore proposal of Indonesia-based Pt Adijaya Guna Satwatama for setting up a 100% subsidiary also secured the government nod. The company proposes to undertake wholesale trading of agricultural commodities and products, animal feed and supplements and capital equipment.