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34 FDI proposals cleared
December 29, 2003 17:48 IST
Finance Minister Jaswant Singh on Monday approved 34 foreign direct investment proposals worth Rs 77.11 crore (Rs 77.1 million).
These mainly pertain to sectors like chemicals and petro-chemicals, automotive components, white and brown goods, information and broadcasting, software development and IT related services.
The proposals were cleared by Singh after recommendation by the Foreign Investment Promotion Board, an official release said.
It included a Rs 35 crore (Rs 350 million) proposal of Washington-based International Finance Corporation, the Netherlands Development Finance Company and Deutscheinvestitions-UND of Germany to increase the foreign shareholding in Delhi-based Indian Infrastructure Equipment Ltd, to 100 per cent from 49.80 per cent.