Govt clears Rs 53-cr worth FDI proposals

NEW DELHI: The government on Thursday cleared 33 foreign direct investment (FDI) proposals worth Rs 53 crore, including a Rs 33.68 crore proposal of General Atlantic Mauritius for picking up 14 per cent stake in the Gurgaon-based customer service and back office processing company Daksh e-Services.
The proposals were cleared by Commerce and Industry Minister Murasoli Maran on the basis of recommendations made by Foreign Investment Promotion Board (FIPB), an official release said.
The proposal of Japanese two-wheeler giant Yamaha Motor for payment of royalty and lumpsum on manufacture of two new four-stroke motorcycle models by its fully-owned Indian subsidiary Yamaha Motor India was also cleared.
Detroit Diesel''s proposal to trade in hi-tech diesel engines manufactured by its companies worldwide through Bangalore-based MTU Detroit Diesel India also received approval.
The Rs 9.80 crore proposal by US company Avnet Inc. to increase equity to 100 per cent in its Indian arm Avent Max was also cleared.
Other proposals cleared include US auto component maker Visteon Global Technologies for amendment in terms of technical alliance with its local unit Visteon Automotive Systems India.
Japan''s Hakuhodo also got the approval for taking 50 per cent stake in advertising agency Tygerme India alongwith US-based Diebold Inc. to manufacture, develop and supply ATMs through its 100 per cent subsidiary, Diabold India.