Govt clears FDI proposals worth Rs 508 cr

Other proposals cleared by the Minister, on the basis of recommendations by the Foreign Investment Promotion Board (FIPB), include those of HCL Perot Systems Mauritius, Computer Associates International and Agfa Gevaert NV Belgium, the release said.

Monsanto will fund its acquisitions through preferential allotment of Monsanto Chemicals shares to all the three companies at a price of Rs 1,480 per share. After the preferential issue, the shareholding of Monsanto Co in Monsanto Chemicals would go up to 72.17 per cent from the present 39.97 per cent. The Government cleared the proposal of Mauritius-based HCL Perot to acquire shares worth Rs 19 crore in its software venture in the country.

DSQ World.Com Ltd was allowed to bring in 40 per cent foreign stake in its ISP and portal venture. The foreign partner would invest Rs 10 crore to pick up the stake, the release said. HSBC Securities India holdings Pvt Ltd and JP Morgan Securities India Pvt Ltd and Citibank Overseas Investment Corporation were also allowed to amend their earlier approval for NBFC activities. Another NBFC, Capital Group International Inc was allowed to set up shop in India by investing Rs 21.5 crore.

English Quentin Peter Arnoldi was allowed to set up a wholly-owned subsidiary for production of milk and stock cattle for sale in India. A proposal by Gupta Gemhouse Pvt Ltd to set up a 100 per cent subsidiary for cutting, polishing and trading in gem stones was also given the clearance. The company will bring in a total of Rs 7.5 crore as foreign direct investment.

Foreign exchange broking firm Harlow Butler was allowed to increase its stake in the Indian venture from 51 to 75 per cent. Proposals of Majestic Furnishing Company to increase foreign stake from 50 per cent to 100 per cent and Agfa Gevaert to restructure equity clause were also given the go-ahead by the government. Majestic will bring in FDI of Rs 15.25 crore to raise the stake. Foreign partner of machines and mechanical appliances’ manufacturer Hiross Batliboi India Ltd has been allowed to buy out the 50 per cent stake of its Indian partner for Rs 73 lakh.

The government also cleared the proposal of Telstra Vishesh Communications to increase the foreign stake in the venture from 40 to 49 per cent. Other proposals cleared included those of eSoftConsulting, Swami Cyber Solutions, Omniscribe Solutions, Kshema Technologies, Sherston Educational Software, Cyberbills, V Engines and Cyber Analysts software development ventures in the country. Computer Associates International has been allowed to set up two separate ventures for software development in the country.