• PAGE ONE
• INDEX
• HOME

FDI worth Rs 1,465 cr cleared

Our Bureau

NEW DELHI, July 13

THE Government has cleared 45 cases of foreign direct investment (FDI) worth around Rs. 1,465 crores, including a Rs. 880 crore ADR issue of pharmaceutical major Dr. Reddy's Laboratories Ltd.

A proposal of HDFC Securities Pvt Ltd for offering 28.5 per cent equity for providing brokerage services through Internet and other channels was also approved. The FDI inflow is expected to be around Rs. 40 crores, according to a Government release.

The Commerce and Industry Minister, Mr. Murasoli Maran, also approved a proposal by the UK-based Powergen to raise its stake in Gujarat Powergen Energy Corporation to 88 per cent from 74.11 per cent by investing Rs. 101.12 crores. Bakreshwar Power Genera tion Company's proposal to bring in foreign investment of Rs. 325.4 crores to obtain a 60 per cent stake was also cleared.

Other FDI proposals cleared included those of Hindustan Lever Ltd, Pacific Convergence, Egis France and Obayashi Corporation. Obayashi Corporation obtained clearance to raise stake in its consulting firm in India from 80 per cent to 100 per cent. French Egis has been given the go ahead to invest Rs. 43 crores to set up a holding company to invest in the road sector.