Bridgestone's Rs 66.6-cr plan among 23 FDI cleared

Japanese tyre maker Bridgestone Corp.' Rs 66.6-crore (Rs 666 million) proposal for hiking equity in its Indian arm to 100 per cent was among the 23 proposals worth Rs 92 crore (Rs 920 million) cleared by the Government Monday.

The proposals were approved by the Commerce and Industry Minister Arun Shourie, on the basis of recommendations made by the Foreign Investment Promotion Board, a release said.

The Rs 15-crore (Rs 150 million) proposal of Indonesia-based Pt Adijaya Guna Satwatama for setting up a 100 per cent subsidiary also secured the government nod.

The company proposes to undertake wholesale trading of agricultural commodities and products, animal feed and supplements and capital equipment as well as spares of plant and machinery used in poultry and dairy-related industry.