Carrier Aircon proposal among 32 FDIs cleared

By Our Special Correspondent

NEW DELHI, JUNE 20. The Union Commerce and Industry Minister, Mr. Murasoli Maran, today cleared 32 foreign direct investment proposals involving an inflow of Rs. 477 crores. The major areas of investment are drugs and pharmaceuticals, mineral exploration, development of urban infrastructure and electrical appliances.

The proposal of Poistra Sez Estates for an investment of Rs. 23 crores was approved along with that of Carrier Aircon for an inflow of Rs. 114.78 crores.

Poistra's proposal envisages investing in development of urban infrastructure facilities with a foreign equity stake of 49 per cent. Carrier Aircon had sought clearance to raise the foreign shareholding from 51 to 100 per cent. The company plans to manufacture hermetically sealed compressors, and chiller packages.

The Dutch company, American Explorations, has also been allowed to invest Rs. 23.50 crores in mineral exploration, mine development, mineral processing, smelting and refining as well as refining, marketing and distribution of base and precious metals. Indocount Choongnam Textiles has similarly been allowed to increase its paid up capital with an inflow of Rs. 13.89 crores.Escorts Mobile has been given permission to invest Rs. 14.25 crores in a venture to manufacture piston and pins for the automotive sector.

PTI reports:

Among the pharmaceutical proposals are that of Eli-Lilly, Ranbaxy and Knoll International without fresh inflow.

Paras Pharmaceuticals has been allowed to bring in 15.38 per cent foreign investment at Rs. 46.80 crores.

Among the proposals approved in the information technology sector are projects from Fast Buyer India Private Ltd., engaged in business-to-business (B2B) e-commerce, All Net Systems Private Ltd., engaged in providing Internet services and that of Design Expo Network Private Ltd. doing business in Internet communication and web software development.

Shalimar Paints' proposal to increase the foreign equity to 31.18 per cent from 19.94 per cent at Rs. 42 lakhs has also been approved.

Send this article to Friends by E-Mail

Section  : Business
Previous : Bullion rates
Next     : Scope for Indian businesses in Swiss canton