Nestle among FDI proposals worth Rs 500cr okayed

new delhi: the government on tuesday approved rs 500 crore worth of foreign direct investment including a proposal of nestle to hike its stake in nestle india to 64 per cent. the 29 proposals cleared by commerce and industries minister murasoli maran include a proposal by merchant banker jardine fleming to increase its equity in j p morgan india from 75 per cent to 100 per cent involving an investment of rs 101 crore, an official release said. nestle proposes to hike its stake in indian arm by 10 per cent from 54 per cent, involving an investment of rs 9.64 crore. maran also approved a proposal by ballarpur industries for a rights issue in favour of non-resident indians amounting to less then 19 per cent for rs 240 crore. koleman foods has been permitted to increase its equity in koleman india from 77.77 per cent to 78.66 per cent asia ventures has been allowed to amend its existing approval for investment in mtv india. shaving products major gilette has been granted permission to infuse fresh funds into its indian arm gilette india.