Govt okays FDI plans worth Rs 372 cr

The government on Friday cleared 35 foreign direct investment (FDI) proposals worth Rs 371.68 crore.
The approvals pertain to sectors like chemicals and petrochemicals, fertilisers, manufacturing of engineering accessories, telecom, software development and IT services. According to an official statement finance minister, Mr Jaswant singh, cleared these proposals, which were recommended by the Foreign Investment Promotion Board (FIPB) at its meeting on February 11.
Fragrant Flavours and Chemicals’ application to invest Rs 142.34 crore was one of the prominent approvals during the meeting. Semikron International’s proposal to transfer shares from resident to non-resident by investing Rs 42.45 crore was also cleared. HFCL Infotel has been permitted to invest over Rs 51 crore in transferring shares to NRIs and other overseas investors.
Acer Computer International has been permitted to amend its activities clause in India without involving any FDI inflow. Datamatics Technologies promoters have been allowed to transfer shares through an IPO to foreign institutional investors, non-resident Indians and others. This transaction also involves an FDI of only Rs two crore.