The Hindu : Govt. clears Rs. 107 cr. worth FDI proposals

Online edition of India's National Newspaper
Wednesday, Jan 01, 2003

Business

Business

Govt. clears Rs. 107 cr. worth FDI proposals

NEW DELHI DEC. 31. Germany-based Bayer Crop Science's Rs. 74 crore proposal for hiking equity in Aventis Crop Science India to 100 per cent is among the 23 foreign direct investment proposals worth Rs. 107 crores approved by the Central Government today. The Union Commerce and Industry Minister, Arun Shourie, cleared the proposals on the recommendations of the Foreign Investment Promotion Board, an official release said. The major FDI proposals are related to sectors such as chemicals and petrochemicals, manufacture of fertilizers and pesticides, petroleum and natural gas, manufacture of bio-mass-based products and software development.

Bayer Crop Science proposes to convert Aventis Crop Science India, which makes fertilizers and pesticides, into a wholly owned subsidiary by increasing its shareholding from the present 67.08 per cent.

The Rs. 12.76 crore proposal of French plastic opthalmic lenses maker Essilor International SA to up stake in Bangalore-based Indian Opthalmic Lenses Manufacturing Co. to 94.32 per cent from 92.7 per cent also secured the government approval.

Soft drinks maker Coca-Cola South Asia Holding Inc was given the nod to expand and consolidate production and distribution infrastructure of non-alcoholic beverage business in Eastern and Western India. Pepsico Inc's proposal to acquire plant and franchisee in Haryana and Himachal Pradesh also secured the Government approval. Both these proposals, however, do not involve any fresh inflow of FDI and await amendment in the existing foreign collaboration route

The Netherlands-based Amtrada Holding secured nod for its Rs. 3.75 crore proposal to do procurement, processing and sale of coffee, cocoa beans and other de-regulated agricultural commodities through Bangalore-based Nedcommodities India.

The Rs. 6.78 crore proposal of Mauritius-based Coflexip Stena Offshore to increase its shareholding in Peerless Shipping and Oil Field Services from 58.24 per cent to 78.24 per cent received Government approval.

Other proposals which secured approval include: advertising agency Leo Burnett Worldwide which proposes to increase foreign equity in TLG India to 79.28 per cent from 74 per cent by acquiring 600 shares; Singapore-based G3 Worldwide Aspac Pte which proposes to invest Rs. 2.50 crores for setting up a wholly owned subsidiary for direct mail logistics services; and Singapore-based Thales International Asia's proposal to invest Rs. 2 crores for establishing a wholly owned subsidiary for rendering technical support such as services high-tech consulting in ground based radar, air borne electronic systems and avionics.

PTI

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