Date:07/12/2004 URL: http://www.thehindubusinessline.com/2004/12/07/stories/2004120702620300.htm

Back Citicorp among 31 FDI proposals worth Rs 368 cr cleared

Our Bureau

New Delhi , Dec. 6

CITICORP International's proposal to pick up 6.25 per cent stake in Jubilant Organosys involving foreign direct investment (FDI) worth Rs 135 crore was among the various FDI proposals cleared by the Government on Monday.

A total of 31 FDI proposals involving FDI worth Rs 368.29 crore were approved by the Finance Minister, Mr P. Chidambaram, here.

The Mauritius-based CDC-PTL Holdings Ltd and CDC Agribusiness Management Ltd's plan to invest Rs 82.58 crore in Swaraj Mazda Ltd by picking up stake in the company through a public offer too has been okayed by the Minister.

The Japan-based Sanyo Electric Company Ltd's plan to set up a joint venture company with BPL Multimedia involving FDI worth Rs 45.19 crore has also been approved.

The proposal from Mr Satbinder Singh Lail of the UK to invest Rs 18.65 crore in Tiruppur-based Cuthberts Babywear India Private Ltd has also been approved by the Minister.

The Mauritius-based SAIF Investment Company Ltd and Japan-based ORIX's plan to jointly invest Rs 37.79 crore in IL&FS Investmart has also received the Minister's clearance.