Date:15/03/2006 URL: http://www.thehindubusinessline.com/2006/03/15/stories/2006031504380900.htm

Back Genworth among 27 FDI proposals cleared

Our Bureau

New Delhi , March 14

The US-based Genworth Financial Inc's proposal to set up a wholly-owned subsidiary for undertaking non-banking financial activities involving foreign direct investment worth Rs 235 crore was among the various proposals cleared by the Government today.

A total of 27 proposals involving FDI worth Rs 997.90 crore was approved by the Finance Minister, Mr P. Chidambaram, here today.

The US-based AIG Capital Corporation's plan to set up a wholly-owned asset management company, involving FDI worth Rs 225 crore, has also received the Government nod.

The proposal of Century Telephone Enterprise and Redeongton Pte to invest Rs 180 crore in Aircell has also been cleared.

The Israel-based Tower Vision's proposal to invest Rs 110 crore to undertake providing dark fibres to Internet service providers has also been okayed by the Minister.

Also, BT Global Communication of Mauritius wants to set up a new venture for an investment of Rs 9 crore to foray into the country's fast-growing telecom services has been cleared by the Minister.

The Mauritius-based P&O Port (Kulpi) has been permitted to set up a Special Purpose Vehicle (SPV) with 69 per cent equity for an investment of Rs 41.40 crore to engage in port development.

Petronas International of Malaysia is planning to buy up to 100 per cent in Prima Lubricants Marketing India for Rs 58 crore.

The Japan-based Showa Corporation has also been allowed to set up a manufacturing unit for power steering involving FDI worth Rs 70.50 crore.

Imerys Pacific Ltd of Mauritius obtained the go ahead for setting up a company for manufacturing wet calcium carbonate with an initial investment of Rs 45 crore.