Govt okays 36 FDI proposals

NEW DELHI: Commerce and industry minister Murasoli Maran has cleared 36 foreign direct investment proposals worth Rs 245 crore.
The cleared proposals include permission to Ciba Speciality to invest Rs 71.58 crore in increasing foreign stake from the existing 40 per cent to 89 per cent.
Other approvals include GE Plastic’s proposal for doubling foreign equity to 100 per cent and International Finance Corp’s proposal for conversion of debt into equity in Schoolnet India resulting in FDI inflows worth Rs 24 crore.
According to an official release, Kimplas Piping has been permitted to hike the foreign equity level to 100 per cent from the existing 98 per cent. Korean company Dong-AHWA Sung has been allowed to invest Rs 5.7 crore and Irwin India has been permitted to invest Rs 4.9 crore.
Citizen Watch Ltd has been allowed to up the foreign equity stake in its Mumbai-based assembly, marketing and production unit to 75 per cent.
The existing foreign equity stake is 51 per cent. The change in equity structure would cost Rs 1.47 crore. All proposals were cleared by Maran on the basis of FIPB recommendations. The minister has also cleared a proposal from German company Schenker AG to invest Rs 3.7 crore for increasing foreign stake.