32 FDI proposals worth Rs 250 cr approved

Walt Disney, Volvo, Honda Motors get nod for investment plans.

As many as 32 foreign direct investment proposals worth Rs 250 crore recommended by the Foreign Investment Promotion Board at its meeting on October 20 have been approved by Finance Minister P Chidambaram.

These include investment plans of companies like Volvo, Walt Disney and Honda Motor Corporation, an official release said.

The largest proposal cleared was Singapore-based Walt Disney Company (South East Asia) Pte Ltd's Rs 140.62 crore investment proposal in United Home Entertainment. United runs the popular Hungama channel.

Disney will own and operate the channel with permission to uplink from India. It will induct foreign equity by way of acquisition of shares from the existing shareholders of the company.

Volvo Bus Corporation's joint venture proposal with Bangalore-based Jaico Automobile Engineering to produce 1,000 bus bodies a year for the Indian market, and possibly for export, has also been approved. The initial investment in the JV would be Rs 27.20 crore.

A Rs 45 crore proposal by US firm Beekman Helix India Partners Llc to infuse capital into its Indian arm "" Beekman Helix India Consulting Pvt Ltd "" which invests in companies engaged in real estate sector, has also been cleared.

The government also gave the green signal to Japan's Honda Motor Co Ltd to set up a subsidiary for the management of its spare parts operations and business planning.