Mobil, Standard Life among new FDI proposals

NEW DELHI, NOV. 20. The Government today cleared foreign direct investment (FDI) proposals of Mobil Petroleum of the U.S., Scotland-based Standard Life Investments, Asea Brown Boveri, Mitsubishi Corp of Japan and the U.S. auto manufacturer Ford Motor and Mobil Petroleum.

These are among the 39 FDI proposals worth Rs. 203 crores cleared by foreign investment promotion board (FIPB), an official statement said here.

The Rs. 22 crores proposal of the U.S.-based Mobil Petroleum Co Inc, involved manufacture of lubricant and speciality products, for increase in foreign equity from 50 to 100 per cent was cleared by FIPB.

It also cleared Standard Life Investments Rs. 40.03 crores proposal for starting NBFC activities. The proposal involves increase in foreign equity from 26 per cent to 39.90 per cent.

Ford Motor and Japanese Mitsubishi Corporation's proposals for amending the existing foreign capital were also cleared. Both the proposals did not involve any fresh inflow of FDI.

ABB's Rs. 8.46 crores proposal for increase in foreign equity from 50.99 per cent to 52.11 per cent and issue of preference shares was also cleared today.

- PTI

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