Infosys ADS amongst 50 FDI proposals cleared

NEW DELHI: Indian IT major Infosys Technologies'' proposal to increase its American Depository Shares from 3.5 per cent to between 6.27 and 7.78 per cent was amongst 50 Foreign Direct Investment proposals worth Rs 2,229 crore approved by the government on Monday.
The proposals were cleared by Commerce and Industry Minister Arun Shourie on the basis of recommendations made by the Foreign Investment Promotion Board (FIPB), an official release said.
The Infosys proposal would involve an FDI of between Rs 1,430 crore to Rs 2,145 crore. The Bangalore-based company has interests in business consulting, systems integration, application, development maintenance, re-engineering and product engineering proposal.
The government also cleared a Rs 25 crore proposal of Singapore Computer Systems for bringing in 30 per cent FDI in Mumbai-based Kshema Technologies.
Samsung Electronics and Royal Dutch Shell Group of Companies both received clearances for amendment in the existing Foreign Collaboration (FC) approval in their Indian arms.
Samsung Electronics sought amendment in the existing FC approval for permission to open trading on carry-and-cash basis in its Indian arms – Noida-based Samsung India Electronics and Delhi-based Samsung Electronics India Information and Telecommunication.
Other companies which received similar clearances included US company Samsonite Corporation for manufacture, marketing and merchandising "Hedgren" products in its Mumbai-based Indian arm Samsonite India; and another US company Estee Lauder for providing logistics and managerial support services to Indian distributors of Estee Lauder products