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This is an archive article published on January 6, 2000

Electrolux FDI plan cleared

NEW DELHI, JAN 5: Government today cleared 41 foreign direct investment proposals worth Rs 271.35 crore including a 100 per cent subsidiar...

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NEW DELHI, JAN 5: Government today cleared 41 foreign direct investment proposals worth Rs 271.35 crore including a 100 per cent subsidiary for banking major ABN Amro and Rs 145 crore infusion by Swedish white goods maker Electrolux AB in its Indian outfit.

ABN Amro Asia has been allowed to bring in Rs 2.15 crore to set up a fully-owned subsidiary to offer fee-based corporate finance advisory services and general liaison, while a proposal of Electrolux Voltas Ltd to bring in FDI worth Rs 145 crore through restructuring and issue preference shares has also been cleared.

Electrolux Voltas would use the fresh investments to undertake manufacturing, marketing and distribution of its household appliances in India. The proposals approved by the Foreign Investment Promotion Board FIPB was cleared by commerce and industry minister Murasoli Maran, an official release said.

South Korean electronics major Samsung India Electronics Ltd has been permitted to manufacture washing machines, air conditioners,refrigerators and microwave ovens, while Whirlpool India Ltd has been allowed to manufacture refrigerators without making any fresh investments.

A clutch of FDI proposals cleared by Maran in the infotech sector include Rs 45 crore investment by Mahader Com Private Ltd for setting up a software development centre, Rs 19.30 crore infusion in office Tiger Data Conversion for development of computer software and Rs 4.30 crore investment by US-based Free Markets Inc for developing and maintaining software applications.

 

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