Govt clears 24 FDI proposals

The government on Friday cleared 24 FDI proposals valued at Rs 158.82 crore (Rs 1.58 billion), including ICICI Bank's Rs 44.45 crore (Rs 444.5 million) American Depository Shares offering and proposals of Colgate Palmolive and Bausch & Lomb.

On the recommendation of FIPB, Finance Minister P Chidambaram cleared the proposals envisaging major investments pertaining to sectors like chemicals and petro-chemicals, health, information and broadcasting and telecommunications. ICICI's proposal pertains to the issue of sponsored offering of ADS against the existing shares.

On the other hand, Colgate Palmolive (Asia) Pte Ltd's proposal includes transfer of shares from non-resident to non-resident constituting 20 per cent of the paid up capital through a stock exchange at the prevailing market price.

Another big proposal cleared is that of Bausch & Lomb South Asia Inc US or any of its associates, nominees or subsidiaries to set up a company with 100 per cent foreign equity participation, involving FDI inflows to the tune of Rs 50 crore (Rs 500 million).