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Close on the heels of the economic cooperation agreement inked during Prime Minister Atal Bihari Vajpayee's visit to China, the government on Thursday cleared the Rs 30 crore (Rs 300 million) FDI proposal of a Chinese company, Haier Electrical Appliances, to set up a 100 per cent subsidiary in India.
This was among the 25 foreign direct investment proposals, involving almost Rs 150 crore (Rs 1,500 million), cleared by Finance Minister Jaswant Singh, after the recommendation of the Foreign Investment Promotion Board on Thursday.
Most of the proposals pertain to wholesale trading, electronics and IT services.
The other major proposals were from the UK-based VentureTech Assets Ltd, Netherland-based Perot Systems Investments BV and Berkeley Square Holding.
The other FDI proposals were from iGate, Saint-Gobain, Swedish Match and Motorola Singapore Pte.
The Chinese electrical company plans to set up a wholly owned subsidiary in Delhi for the manufacture, sale, supply, after-sales services and 'cash and carry' wholesale trading activities of electrical products.
VentureTech Assets would invest Rs 87.50 crore (Rs 875 million) in the Chennai-based Sify for setting up public data network for providing e-commerce, EDI and Internet services. The Indian company would offer about 1.02 million shares to the foreign partner.