Jaswant clears FDI proposals worth over Rs 160 crore

NEW DELHI: Union Finance Minister, Jaswant Singh, on Monday cleared 18 foreign direct investment (FDI) proposals amounting to Rs 167.6 crore, including Florida-based Creative IT’s proposal to buy fresh foreign equity shares worth Rs 78.5 crore in the Gandhinagar-based Creative Infocity.
Further, Sigma Alrdich Fording Holding, a leading US-based chemicals manufacturer, has been permitted to set up an export-oriented unit in Bangalore with 100% foreign equity. The proposal involving FDI of Rs 50 crore is for manufacture of chemicals and running contract research ventures.
Another FDI application cleared today was that of the US-based Monsanto Company, wherein the foreign equity in Monsanto India was proposed to be increased from 72.2% to 75%. This would entail an investment of Rs 18.8 crore, according to a finance ministry release here.