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India clears foreign direct investment worth Rs 5.08 billion

The government today cleared 56 cases of foreign direct investment, or FDI, worth Rs 5.08 billion, including proposals of Monsato Chemicals India, HSBC Securities India Holdings, JP Morgan Securities India, Citibank Overseas Investment Corporation, and Computer Associates International.

Monsanto Chemicals India Limited, engaged in manufacturing, distribution of agrochemicals, seeds and crop protection products, has been given the go-ahead for increase of FDI/NRI equity from 39.97 per cent to 72.17 per cent through equity swap, a government statement said today.

Besides, HSBC Securities India Holdings Limited, Citibank Overseas Investment Corporation, JP Morgan Securities India Limited and Exxon Company India Private Limited's proposal has been cleared.

Capital Group International Inc, US, a company into non-banking finance company, or NBFC, activities, with a 75 per cent equity can now go in for 100 per cent preference shares.

Also approved was Zurich Asset Management Company India Private Limited's restructuring of equity on transfer of equity from one foreign collaborator to another.

Among others automotive components company Rico Daewoo Precision Industries Limited's request for change in foreign collaborator has been approved.

Denso Haryana Private Limited, manufacturer of fuel injection systems, has been granted permission for additional technology payments.

Software company HCL Perot Systems Mauritius Private Limited has been permitted to make acquisition of shares.

Software development company Kshema Technologies Private Limited can now offload 2.67 per cent equity to NRIs.

Computer Associates International Inc, US, was given the nod for 51 per cent FDI/NRI equity for its activities in computer software designing and development, while the company can open 50 per cent equity to FDI/NRI for its computer software development and data processing, etc.

UNI

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