The Hindu : Govt. clears 21 FDI proposals

Online edition of India's National Newspaper
Wednesday, May 21, 2003

Business

Business

Govt. clears 21 FDI proposals

By Our Special Correspondent

NEW DELHI MAY 20. The Central Government has cleared 21 foreign direct investment (FDI) proposals involving an inflow of Rs. 93.26 crores, including the Rs. 20 crore investment envisaged by Thomson Multimedia Asia Pte. in raising stake in its Indian operations to 89.11 per cent.

Another proposal cleared was made jointly by Isolutions Inc. and the Bank of New York for transfer of shares from resident or overseas corporate bodies to non-residents. This procedure envisages an investment of Rs. 30.63 crores as FDI, according to an official statement issued here. The proposals were cleared by the Union Finance Minister, Jaswant Singh, on the recommendation of the Foreign Investment Promotion Board.

Other proposals cleared include one by General Motors Acceptance Corporation of the U.S. for hiking foreign stake by way of acquisition in the Indian arm. The proposal involves an inflow of Rs. 9.56 crores.

Also, South Asia Ports Limited of Mauritius plans to increase foreign equity by acquiring shares. The company operates through Nava Sheva international container terminal in Mumbai and the proposal envisages foreign direct investment of Rs. 6.97 crores.

Siemens AG of Germany has been allowed to enhance its activity clause and trade in telecom equipment in its Indian subsidiary Siemens but the plan does not involve any fresh FDI inflow. GE Pacific of Mauritius has been allowed to set up downstream investment by acquiring 50 per cent of an Indian company, but with no fresh FDI investment.

Printer friendly page
Send this article to Friends by E-Mail

Business