Financial power-house JP Morgan's Rs 175 crore (Rs 1.75 billion) investment in its Indian arm was among the 44 foreign direct investment proposals worth Rs 222.19 crore (Rs 2.22 billion) cleared by the government on Tuesday.
The proposals, recommended by Foreign Investment Promotion Board and approved by Finance Minister Jaswant Singh, mostly pertain to financial sector, information technology and the hotel business.
JP Morgan International Finance Ltd plans to invest Rs 175 crore in JP MorganSecurities India Private Ltd. The company sought clarification regarding deletion of divestment conditions, an official release said.
Suzuki Motor Corporation's plans to acquire 51 per cent stake in an Indian company was also cleared, but here no fresh inflow of funds is involved.
Another Japanese company, Hitachi Metals Ltd, plans to set up a wholly-owned subsidiary with an investment of Rs 20 crore (Rs 200 million).
The FIPB also approved US-based Whirlpool Corporation's proposal for change in royalty terms with its Indian arm.
Nokia Networks OY of Finland has been permitted to change its activities from test marketing to cash and carry whole-sale trading through its Indian arm Nokia India.
Siva Ltd plans to transfer shares of AIWO Ltd held by residents Indian worth Rs 10 crore (Rs 100 million) to the non-resident Indians.
CDC's Mauritius arm South Asia Regional Fund along with Sterling Commerce International will invest about Rs 4.60 crore (Rs 46 million) in Chennai-based Internet service provider Sify Ltd.
