The government on Wednesday approved ten foreign direct investment proposals with a total inflow of Rs 2,339 crore (Rs 23.39 billion), including investment banker Morgan Stanley's plan to pump in Rs 1,894 crore (Rs 18.94 billion) in the country. The FDI proposals approved by Finance Minister P Chidambaram relate to sectors like stock broking, banking, chemicals, automobiles, information technology and publishing, an official release said.
The government allowed Morgan Stanley, Mauritius to invest up to 465 million dollars (about Rs 1,894 crore) in shares and convertible preference shares to be issued by Morgan Stanley, India to undertake stock broking, merchant banking and other NBFC activities.
Luxocitta Holland, the maker of sunglasses, has been permitted to set up a wholly- owned subsidiary to undertake wholesale cash and carry trading in the eyewear industry. Besides, the government also allowed Daimler Chrysler, India to expand the scope of its current operations to manufacture chassis of trucks and buses. The proposal does not envisage any inflow of foreign fund.
Rakindo Developers, Chennai has been permitted to set up a joint venture to act as a holding company for making downstream investment in construction development projects with a foreign investment of Rs 407 crore (Rs 4.07 billion).
The Netherlands-based EMAP Publishing has been allowed to pick up 40.1 per cent equity for Rs 4.81 crore (Rs 48.01 million) in Next Gen Publishing, which publishes a car magazine. Chidambaram also allowed Colorcon Ltd, England 5 to 8 per cent royalty payment on domestic and export sales without any restriction of time limit.
Proposals of Power Supply Systems Holdings, Furukawa Electric Co, Perfect Glazing and Trivandrum Construction and Developers were also approved.
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