The Hindu : Scottish & Newcastle among new FDI proposals

Online edition of India's National Newspaper
Tuesday, Dec 03, 2002

Business

Business

Scottish & Newcastle among new FDI proposals

NEW DELHI DEC. 2. The Union Government today cleared 15 proposals envisaging foreign direct investment of Rs. 490 crores, including one worth Rs. 400 crores by liquor major Scottish & Newcastle plc to set up a wholly owned subsidiary for providing technical consultancy to manufacture, market and distribute beer.

The Union Commerce and Industry Minister, Arun Shourie, approved the proposals on recommendations of the Foreign Investment Promotion Board (FIPB), an official statement said here.

The major investment proposals pertain to sectors such as cash and carry wholesale trading, manufacture of confectionary items and providing consultancy in manufacturing and marketing beer.

Among the proposals cleared was Singapore-based Jurong Infra Global Pte's for setting up a wholly owned subsidiary for designing, engineering, procurement and construction activities and projects. It involves Rs. 27.30 crore FDI inflow. Also, U.S. major Scovill Fasteners' proposal to set up a 100 per cent subsidiary for imports and engaging in ex-bonde warehouse sales was cleared envisaging Rs. 32 crore FDI inflow.

The Netherlands-based Perfetti has been allowed to amalgamate Van Malle Confectinery India Pvt. Ltd. into Perfetti India and will bring in Rs. 13.08 crores as FDI.

PTI

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