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This is an archive article published on September 15, 2000
Govt clears FDI
SEPT 14: The 28 proposals cleared by the Union minister of commerce and industry Murasoli Maran cover sectors such as pharmaceuticals, che...
September 15, 2000 12:00 AM IST
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SEPT 14: The 28 proposals cleared by the Union minister of commerce and industry Murasoli Maran cover sectors such as pharmaceuticals, chemicals, tourism, automobiles, computer software development and internet portal, says an official release.
The government also gave its nod to the proposal of Learning Universe Pvt Limited to hike foreign equity from 25.01 per cent to 40.85 per cent. The proposal involves an investment of Rs 47.22 crore is for providing education and career services on the internet and software development.
Epson Singapore Pte Ltd is setting up a wholly owned subsidiary for software development. The foreign equity in the venture is Rs 27 crore. Siemens is also setting up a 100 per cent subsidiary for manufacturing and marketing of integrated wiring harnesses for the latest generation automobiles with a foreign equity of Rs 3 crore.
The proposal of Godrej Sara Lee Ltd (formerly Godrej Hi-Care Ltd) for induction of NRI/OCB/FII equity through a public offer involving investment of Rs 2.55 crore was also cleared. The Andhra Pradesh-based BPL Power Projects application for amending the existing foreign collaboration approval was also cleared.
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