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Govt clears 47 FDI proposals worth Rs 285 cr
April 17, 2003 16:56 IST
The government on Thursday cleared 47 proposals envisaging Rs 285 crore (Rs 2.85 billion) foreign direct investment, including a proposal by Hewitt Associates to set up a 100 per cent subsidiary in India with Rs 120 crore (Rs 1.2 billion) investment.
Finance Minister Jaswant Singh approved these proposals, which were recommended by the Foreign Investment Promotion Board in its meetings on March 27 and April 3, according to an official statement in New Delhi.
The proposals pertain to business of outsourcing/back office operations, transportation, airfreight and ocean freight forwarding and development of integrated townships, it said.
Among the proposals cleared was German major Deutsche Post International's Rs 53.72 crore (Rs 537 million) proposal to acquire 49 per cent stake in transportation, airfreight and ocean freight forwarding besides Singapore Computer Systems' plan to hike stake in its Bangalore-based joint venture by two per cent to 32 per cent with Rs 45 crore (Rs 450 million) investment.
Also, another proposal by Korean consumer electronics major LG for amalgamation of two companies was cleared; it envisages no fresh investment. Besides, Xerox Corporation's proposal to amend the existing foreign currency approval in the case of Indian joint venture company Xerox ModiCorp was also given the go-ahead, again involving no fresh FDI inflow.
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