Twenty FDI proposals worth Rs 153 cr get nod

NEW DELHI: Commerce and Industry Minister Arun Shourie on Wednesday approved 20 proposals of foreign direct investment (FDI) amounting to Rs 153 crore.
Among the proposals cleared included a Rs 106 crore proposal of UK-based Barnford Excavators'' for increasing foreign equity from 60 to 100 per cent in the manufacture of construction and material holding machinery, an official release said here.
The major investment proposals pertain to sectors such as manufacture of automobile components, manufacture of textile machinery and spinning ring frame, manufacture of construction and material holding machinery, tourism and software development.
Japanese Toyoda Automatic Loom Works'' Rs 31 crore proposal for increase in foreign equity in the manufacture of textile machinery and spinning ring frames was also approved.
Other proposals cleared by Shourie on the recommendations of Foreign Investment Promotion Board (FIPB) are:
Rs 9.7 crore proposal of HP Chemie Pelzer of Germany for manufacture of automobile polyurethane parts.
Croatian Pliva Farmac Ind''s propoal to increase foreign equity from 98.968 per cent to 100 per cent in R&D activity in pharmaceutical formulation and drug delivery system.
US-based Hosley International Trading Corporation''s proposal to increase foreign equity from 90 per cent to 100 per cent in export trading business of handicraft items.
Dutch Subway International''s proposal for setting up of high class health food restaurant chain and franchisees.
Italian LUCA Pastorello''s proposal for beginning managment and consultancy of turnkey projects in garment industry.
Rs 2.35 crore proposal of German Truetzshler Textilmaschinen for increasing foreign equity from 69.39 per cent to 73.94 per cent in manufacture of textile machinery.
Rs 1.5 crore proporal of Maschinenfabnk Nichoff GmbH of Germany for increasing foreign equity from 51 per cent to 100 per cent in manufacture and assembling of cable making and wire drawing machines business.