A total of 58 foreign direct investments (FDI) proposals amounting to about Rs 656.43 crore of forex inflow was cleared by the industry ministry here yesterday. All these proposals, recommended by the Foreign Investment Promotion Board (FIPB) earlier, have an export projection of over Rs 1370.76 crore in the coming five years.
The proposal by Autoways Construction of Malaysia to invest Rs 175 crore or $50 million in next 10 years in small power projects of capacity 25 mw megawatt was the largest FDI cleared by industry minister Murasoli Maran.
Italian conglomerate Fiat has received government nod to set up a wholly-owned Indian subsidiary of its engineering arm Fiat Engineering Spa to provide engineering and consultancy services in the country. It will have an initial capital base of Rs 3.50 crore.
GE Lighting has been allowed to bring in Rs 35 crore as paid-up capital in a 100 per cent subsidiary company for manufacture of lighting components in Mumbai.
These, along with the approval given to Australian company Burns Philp to pump in additional equity in the Shaws Wallace group company, Indian Yeast, in which the foreign company had acquired 100 per cent stake, and that of Mobil Asia Pacific to set up wholly-owned subsidiary were among the proposals cleared. The Bangalore-based advertising major Maa Communication Bozell has been allowed to bring in Rs 2.10 crore by offloading 20.3 per cent of its equity to a foreign partner.
Other approvals include the hike in foreign equity allowed to Bridgestone ACC India Ltd from 51 per cent to 74 per cent, and that of Siel Ltd to offload the entire equity stake in its air-conditioning and refrigeration joint venture company to its foreign partner Tecumseh.Five financial services proposals received the government approval in the recent lot.
These include the Rs 17.5 crore proposal by BZW Worldwide Holdings Ltd to pick up 75 per cent equity stake in a joint venture, the proposal by SREI International Finance to bring in Rs 28 crore FDI through a 75 per cent foreign equity participation, the Rs 18 crore proposal by 20th Century Asset Management Corporation with a 74 per cent FDI stake.
The other two approvals in this sector were given to AVCO Financial Services for bringing in Rs 27 crore through a joint venture with 75 per cent equity stake, and to Citicorp Information Technology Industries for bringing in Rs 1.58 crore through a joint venture.
