Friday, May 31, 2002
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By Our Special Correspondent
The proposals have been approved by the Commerce and Industry Minister Murasoli Maran on the basis of recommendations made by the Foreign Investment Promotion Board. According to an official release, the Reckitt Benckiser proposal envisages an increase of the foreign equity stake from 49 to 100 per cent. The company will undertake an investment of Rs. 403.19 crores to set up a Centre of Excellence for marketing brand development and other initiatives. Toyota has proposed to invest Rs. 303.75 crores for taking 90 per cent equity in a joint venture with Toyota Kirloskar for automobile parts. Another proposal of Toyota Automatic Loom Works is for investment of Rs. 100 crores to raise the foreign shareholding in Kirloskar Toyota Textiles Machinery from 89.38 per cent to 94.4 per cent.
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