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Govt clears 41 FDI proposals worth Rs 97 crore

Government on Tuesday cleared 41 foreign direct investment proposals worth Rs 97 crore (Rs 970 million), including one from Dutch major Matthey Finance BV for setting up a wholly-owned subsidiary to sell chemical processes, catalysts and bio-chemicals involving Rs 42 crore (Rs 420 million) worth of FDI inflow.

The proposals cleared include those for manufacturing vegetable oils and fats, consumer goods, wholesale trading of hi-tech engineering components, automobile components, information technology and software development, an official statement said in New Delhi.

Singapore-based Scigen Ltd plans to invest Rs 12 crore (Rs 120 million) in setting up a wholly-owned subsidiary in India to manufacture recombinant human insulin, human growth hormone etc.

British major Spectris Plc also plans to set up a 100 per cent subsidiary in New Delhi for wholesale trading of hi-tech precision control and measurement equipment and related components. This proposal envisages FDI worth Rs 13.32 crore (Rs 133 million).

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