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Govt clears 33 FDI proposals worth Rs 53 crore

Government today cleared 33 foreign direct investment proposals worth Rs 53 crore (Rs 530 million), including a Rs 33.68 crore (Rs 336.8 million) proposal of General Atlantic Mauritius for picking up 14 per cent stake in Gurgaon-based customer service and back office processing company Daksh e-Services.

The proposals were cleared by the Commerce and Industry Minister Murasoli Maran on the basis of recommendations made by Foreign Investment Promotion Board, an official release said in New Delhi.

The proposal of Japanese two-wheeler giant Yamaha Motor for payment of royalty on manufacture of two new four-stroke motorcycle models by its fully-owned Indian subsidiary Yamaha Motor India was also cleared.

Detroit Diesel's proposal to trade in hi-tech diesel engines manufactured by its companies worldwide through Bangalore-based MTU Detroit Diesel India also received approval.

The Rs 9.80 crore (Rs 98 million) proposal of US company Avnet Inc to increase equity to 100 per cent in its Indian arm, Avent Max was also cleared.

Japan's Hakuhodo also got the approval for taking 50 per cent stake in advertising agency Tygerme India along with US-based Diebold Inc to manufacture, develop and supply ATMs through its 100 per cent subsidiary, Diabold India.

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