Govt okays Rs 42-crore FDI in Usha Comm

NEW DELHI: A Rs 42.03 crore foreign direct investment (FDI) proposal by USA Communication Technology in Kolkata-based Usha Comm India is among 40 FDI cases worth Rs 76 crore approved by the government on Friday.
The proposals were cleared by Commerce and Industry Minister Murasoli Maran on the basis of recommendations made by the Foreign Investment Promotion Board, an official release said.
USA Communications Technology''s proposal is for conversion of loan into equity in the Indian venture which develops software products for the telcom sector.
The proposals cleared include that of Chrysalis Capital for increasing foreign equity in IT company Transworks Information Services from 40.93 per cent to 67.68 per cent. The hike in equity would result in inflow of Rs 23 lakh.
The Rs 4.67 crore porposal of Japanese company Raykay Inc. for picking up 13.88 per cent equity in New Delhi-based Web developer Friday Content Solutions was also approved.
The major investment proposals pertain to sectors like chemicals and petrochemicals, health, software development, information technology services and manufacture of electrical and automotive components.
Reebok International''s proposal for extension of technical collaboration agreement in its Indian arm as also Citizen Watch Company''s proposal for amendment in the existing foreign collaboration in its Indian subsidiary were also cleared.