FIPB allows Hitachi, Pizza to hike stakes

NEW DELHI, JUNE 21: The Foreign Investment Promotion Board FIPB today permitted Hitachi of Japan and Pizza Corner to hike stakes in the...

NEW DELHI, JUNE 21: The Foreign Investment Promotion Board FIPB today permitted Hitachi of Japan and Pizza Corner to hike stakes in their respective joint venture companies by purchasing the equity of their Indian partners.

This formed part of the 25 proposals approved by the board today amounting to a foreign direct investment inflow of Rs 300 crore, FIPB sources said.

Besides, general electric has been allowed to set up a 50-50 joint venture company with Tata Consultancy services for providing engineering services for assessment of aircraft life and its maintenance. The global giant would bring in a token 10,000 into the venture.

Another global leader Rolls Royce has been allowed to set up QA wholly-owned subsidiary in India for repair maintenance of gas turbines and diesel-based power systems. The company would infuse 1.5 lakh pound sterling for setting up the venture.

Hitachi of Japan has been permitted to hike its equity holding in Hitachi Koki India Private Ltd from 80 per cent to 92 percent by purchasing 30 lakh shares of Rs 10 each. The Indian partner 8211; Ananth Hegde8217;s stake would effectively be reduced to eight per cent in the Powertoll producing joint venture.

FM Investments Inc of the United States has been allowed to hike stake in the Chennai-based Pizza Corner from 51 per cent to 96 per cent. The hike would be effected through a fresh FDI infusion of Rs 16 crore.

Kevron Pty Ltd of Australia has been allowed to set up a 100 per cent export oriented unit 8211; WSIL Mineral Sands India Ltd. It will be an integrated facility for manufacturing synthetic rutile and titanium dioxide with a foreign equity holding of 72 per cent worth Rs 141 crore.

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The ANZ group has been given the nod to set up two companies in India 8211; an trustee company and an asset management company. ANZ would have 75 per cent stake in the operating company with the rest being in the hands of Atul Choksey of Asian paints.

The board also gave a go ahead to Britannia music for increasing its paid up capital from Rs 3.5crore to Rs 21 crore. US Agriseeds has been allowed to set up a wholly-owned subsidiary for development of hybrid varieties of fruit and vegetable seeds.

Mody International of UK has also been permitted to enhance its equity from 40 per cent to 80 per cent in an existing JV company providing consultancy and quality management services.

Dialnet has been allowed to provide Voicemail and other value added services by infusing Rs 4.3 crore while decisions of proposals by JT Mobile and Modi Zerox were deferred by the board.