The government today approved 21 foreign direct investment (FDI) proposals envisaging FDI worth Rs 101 crore, including a Rs 85.83 crore proposal of Dutch company Organon Participations, a pharma firm, for increasing its holding in its Indian arm from 50.43 per cent to 100 per cent.
The 21 proposals pertaining to manufacture of pharmaceutical products, software development, transport and the port sector were approved by the commerce and industry minister Murasoli Maran on the basis of recommendations made by the Foreign Investment Promotion Board (FIPB), an official release said.
Among the proposals cleared was that of Toshiba Corporation for setting up a wholly-owned subsidiary for development of software, global sourcing and marketing support and consultancy with an investment of Rs 5.20 crore.
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A Rs 4.41 crore proposal of P&O Ports India for conversion of loan into equity as well as a Rs 2.77 crore proposal of Emery Worldwide (India) to increase foreign equity from 80 per cent to 100 per cent for multi-modal transport business was also cleared.
Applications seeking amendments in the existing foreign collaborations in the case of Haldia Petrochemicals, AVL-Oil India, etc were also given the go-ahead.