Government has cleared 29 foreign direct investment proposals worth Rs 262 crore (Rs 2.62 billion), including the Rs 134.35 crore (Rs 1.34 billion) proposal by Atlas Copco to convert Indian operations into a wholly-owned subsidiary.
Swedish major Atlas Corpo AB will infuse this money in hiking its stake in Atlas Copco India Ltd to 100 per cent from the present 50.99 per cent. The company manufactures air compressors and rock drills.
Among the other proposals cleared by the Finance and Company Affairs Minister Jaswant Singh in two meetings of the Foreign Investment Promotion Board, held on February 27 and March six, are those pertaining to chemicals and petrochemicals, information technology, textiles, road transport and highways and telecommunications, an official statement said on Tuesday.
Luxembourg-based Garda SA's proposal involves increasing stake in SIV Industries Ltd to 28.7 per cent from 19.17 per cent and envisages FDI inflow worth Rs 13.21 crore.
A Mauritius company IOI Mauritius Ltd's plan to develop a gems and jewellery park with FDI worth Rs 9.70 crore has also been given a go-ahead.
Other proposals cleared by Singh include US major 3M's plan to convert Pouyet Communication India into a wholly-owned subsidiary with Rs 10.7 crore investment. Also, IJM Rewa has been permitted to bring Rs 28 crore FDI in its highway project with Rewa Tollway Pvt Ltd in the country.
US-based Vinton Investments has been allowed to increase stake in Biogen Biotechnologies to 80 per cent with Rs 16.18 crore investment.
