23 FDI proposals cleared

 The proposals cleared by Finance Minister Jaswant Singh following recommendations by the Foreign Investment Promotion Board (FIPB) pertain to food processing, engineering, wholesale trading and IT segments.

 Among the main proposals cleared was that of Pitney Bowes to set up an arm in india for wholesale trading of high-technology mail and document management systems.

 The proposals involve an investment of Rs 23 crore. US-based Healthscribe has got the nod to acquire shares from resident shareholders in its Indian subsidiary for Rs 10.82 crore.

 The government also cleared the proposal of Riken to increase its share in auto-components maker Sriram Pistons & Rings from 18.5 per cent to 27.3 per cent at a consideration of Rs 4.05 crore.

 Japanese auto component company Stanley Electric was granted approval to raise its stake in Lumax Industries to 19.41 per cent from 17.97 per cent for Rs 12 lakh. This is a part of the restructuring of Lumax, which includes a demerger.