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Maran clears 25 FDI proposals

By Our Special Correspondent

NEW DELHI Aug. 17. The Commerce and Industry Minister, Murasoli Maran, has cleared 25 foreign direct investment proposals involving an inflow of Rs. 506 crores.

This includes a proposal of the Belgian Banque Brussels Lambert to increase its equity stake in the Bangalore-based Vysya Bank Limited from 30 to 49 per cent as well as a Rs. 100 crore investment in the construction sector by the China Construction (South Pacific) Development Company of Singapore.

An official release says the major investment proposals pertain to sectors such as chemicals and petrochemicals, infrastructure, textiles, consumer goods, heavy machinery, software development and IT services.

The proposal of the Banque Brussels Lambert envisages a rise in its shareholding in Vysya Bank from 30 to 49 per cent with an infusion of Rs. 225 crores.

In the case of the China Construction Development Company, the investment proposed by the wholly-owned Indian subsidiary is in the business of builders and contractors for construction and demolition work of any description, IT support services and software services except for housing and real estate development activities.

The U.S.-based S.C. Johnson and Sons has also been given approval to invest Rs. 55 crores in its Pune-based subsidiary in the area of air care and insect control products.

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