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Govt clears 34 FDI proposals

Source: PTI
Last updated on: March 26, 2004 19:21 IST
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The government on Friday approved 34 foreign direct investment proposals worth Rs 30.98 crore (Rs 309.8 million), including the Rs 17 crore (Rs 170 million) plan of IndusInd International Holdings to acquire equity from the secondary market.

Also, Singapore-based Nico J Morgan will bring in Rs 4 crore (Rs 40 million) for transferring shares from residents to non-residents, an official statement said in New Delhi.

The proposals were approved by Finance Minister Jaswant Singh after clearance from the Foreign Investment Promotion Board at its meeting on March 19.

Major investment proposals pertain to chemicals and petro chemicals, manufacture and distribution of construction equipment, textiles and software development.

Japanese firm Hitachi Construction Machinery will invest another Rs 2 crore (Rs 20 million) to hike foreign equity stake in the Indian venture besides expanding activities in the country.

MBI International will set up a wholly-owned subsidiary with Rs 2.40 crore (Rs 24 million) investment for wholesale marketing of data storage products to distributors in India.

Dutch firm Gist Brocade International has been allowed a change in the activity clause with regard to its Indian arm but this involved no fresh FDI inflow.

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