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Suzuki among 41 FDI proposals cleared

NEW DELHI NOV. 26. Suzuki Motor Corporation's proposal to set up an aluminium foundry in its Indian joint venture Maruti Udyog was among 41 foreign direct investment proposals worth Rs. 206 crores approved by the Government today.

The proposals were cleared by the Commerce and Industry Minister, Arun Shourie, based on the recommendations of the FIPB, says an official release.

As per Suzuki's prosposal, it will invest Rs. 12.75 crores in Gurgaon for a 51 per cent equity to set up an aluminium foundry that will manufacture aluminium casting for various applications including automobiles.

The Mauritius-based South Asia Regional Fund (SARF's) proposal to hike foreign equity from 44.7 per cent to 57 per cent in Satyam Infoway at a cost Rs. 65 crores was also cleared.

Other investment proposals pertain to sectors such as biotechnology, telecommunications, manufacture of electrical components, IT and software development, consultancy and advisory services and NBFC activities. — PTI

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