The government today cleared 29 foreign direct investment (FDI) proposals worth Rs 135 crore, which include a proposal by Emerson Electric to increase its holding in its Indian joint venture from the existing 50 per cent to 100 per cent with an investment of Rs 76.5 crore.
The company manufactures, sells and markets uninterrupted power supply, access control and close-control air-conditioning systems.
The proposals were cleared by the Union minister of commerce and industry Murasoli Maran on the recommendation of the Foreign Investment Promotion Board.
Maran also cleared a proposal to set up the merchant banking arm of Australia and New Zealand (ANZ) group with an investment of Rs 23 crore. FDI holding will be limited to 75 per cent as per merchant banking sector guidelines. ANZ
