NEW DELHI, SEPT 20: The Foreign Investment Promotion Board (FIPB) has allowed P&O of Australia to bring in additional foreign investment of $ 30 million (about Rs 130 crore) for its proposed container terminal at Nhava Sheva Port in Mumbai. It has also allowed AB Moller Finance of Switzerland and US-based Indigo International to buy out two Indian companies Maersk India Ltd and SSI Ltd. These were among 49 proposals worth foreign direct investment of Rs 236 crore cleared by the board today.P&O, which holds 97 per cent stake in Nhava Sheva International Container Ltd, would be issued non-convertible redeemable preference shares worth 30 million shares. The paid-up capital of Nhava Sheva container is about Rs 291 crore at present.AB Moller has been allowed to buy out the entire stake held by Ballarpur Industries and OCB Ltd of Bermuda in Maersk India at an investment of Rs 16.5 crore.OCB held 60 per cent stake, while AB Moller and Ballarpur Industries had 20 per cent equity in Maersk. After the buyout,Maersk, which is engaged in container freight services would become a fully-owned subsidiary of AB Moller, the sources said.The board also allowed Indigo International to buy-out the Indian promoter in financial service company, SSI Ltd at an investment of Rs 12.06 crore. FIPB also cleared a proposal of Russian space agency to enter internet services in India along with Orbitel Communications Ltd, the sources said.The Russian space organisation would bring in Rs 7.35 crore to pick up 45 per cent in the joint venture, they said. A proposal by Wipro to start internet-based services with KPN Telecom of the Netherlands also got the go-ahead from the board. The Dutch company would hold 45 per cent stake in the new company Wipronet by investing Rs one crore.Another proposal by Goldcrest Power and Projects Ltd to set up a manufacturing facility for diesel generating equipment in the country at an investment of Rs 30 crore was also cleared by FIPB.FIPB also removed an export clause in Honda MotorCompany's proposed two-wheeler venture in the country. Among other proposals cleared was one by Turbosider Italiana to set up wholly-owned subsidiary to manufacture steel items in the country. The Italian company would invest about Rs 9 crore in the venture, the sources said.
