FDI proposals worth Rs 100 cr cleared

NEW DELHI, APR 5: The foreign investment promotion board today cleared 24 proposals, which will bring about Rs 100 crore worth of foreign...

NEW DELHI, APR 5: The foreign investment promotion board today cleared 24 proposals, which will bring about Rs 100 crore worth of foreign direct investment into the country. Manufacturing and services sector accounted for about Rs 32 crore or one third of the total FDI approved, board sources said.

Meanwhile, the board deferred proposals by Reuters and Canon, according to FIPB sources. Among the cleared projects, Merloni of the Italy will issue non-convertible preference shares worth Rs 13 crore to buy out its partner — Racold’s 25 per cent stake in their water heater manufacturing joint venture. Merloni presently controls 75 per cent stake in the venture.

In chemicals and petrochemicals, Terumo’s proposal to manufacture blood bags in Kerala has been cleared. Terumo will bring in Rs 22 crore to pick 74 per cent stake in the new project.

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In the software sector, a proposal by the US-based Modi’s Professional Services’s was given a nod to bring Rs 12 crore of FDI to take 100 per cent stake in the approvedproject. Korin India’s proposal in auto sector was cleared by the board. FDI to the tune of Rs 10.5 crore will be brought into the country by the company to set up a wholly owned subsidiary.

A proposal by Galderma Pharma, a Swiss company, to manufacture dermatological drugs was also cleared by the board. The company will own 74 per cent stake in the project and bring Rs two crore of FDI for the purpose.

Fina India, which markets lubricants, will bring FDI of Rs 2.5 crore to increase its share from the present 70 per cent to 100 per cent. The company will have to divest 26 per cent stake in five years.

A small proposal by Hoogly ship breaking was also approved for ship breaking activities in Gujarat. The company will pick up 52 per cent stake in the joint venture with the UK-based Albert Overseas Inc. The proposal is subject to environmental norms. Among other proposals, prominent was STI Technologies, which will bring in Rs three crore of FDI.

For Kolkata, the IMD has forecast mostly cloudy skies with light to moderate rain or thundershowers on most days through Panchami.

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