Govt clears HCL Tech ADR

Altogether 37 proposals covering agriculture, bio-technology, tourism, textiles, machine tools, software development, portfolio management services and telecommunication services amounting to Rs 2,620 crore were approved in today’s meeting.

Among the FDI proposals cleared today, Quantum Advisors Pvt Ltd’s proposal to bring in Rs 0.96 crore along with issue of commercial paper worth Rs 132 crore was cleared by the Commerce and Industry Minister. The application involving portfolio management advice and services proposes 50.49 per foreign equity.

In the consultancy and management services sector, Carlyle Asia Investment Advisors of HongKong aplliaction to set up a 100 per subsidiary to provide consultancy services to IT, telecom, internet and software industry and Percept Communications’ proposal to provide media buying, strategy and consultancy services with 51 per cent foreign equity were cleared.

Carlyle’s proposal is worth Rs 4.5 crore while Percept Communications envisages bringing in FDI of Rs 0.51 crore. In the hospitality sector, US-based Casto Travels proposal to set up a 100 per cent subsidiary for travel agency business and travel portals involving FDI of Rs 11.37 was also approved by FIPB.

Another proposal from this sector which got the nod was Appu Hotels application to raise foreign equity stake from 83.62 per cent to 84.7 per cent involving FDI of Rs four crores. The board also cleared Eagle Agro Farms application tobring in foreign investment of Rs. nine crores for poultry farming with a foreign equity of 28.57 per cent and Guanguan Marine Products proposal to set up a 100 per cent subsidiary for fishing activities.

Maran, in consultation with FIPB, also cleared ABB Holdings (South Asia) application to amend its existing foreign collaboration approval besides McDonald India’s for the same. Neither proposal involved any fresh inflow of funds.

France-based Alsthom Instrument Transformers plea to set up a 100 per subsidiary for manufacture of transformers, air core reactors with an investment of Rs 15 crore also got the nod besides compatriot Atelier De Realisation Meccanique (Arm) proposal to manufacture precision components for medical equipment involving Rs. 2.8 crore FDI with 50 per cent foreign equity. Hong Kong-based I-Quest Corporation’s case for setting upa 100 per cent subsidiary for internet support management services and Ajuba Solutions proposal to set up call centres through a 100 per cent subsidiary were also approved.

Other proposals from the software development andrelated services sector cleared by FIPB include that of Pixel Infotek, Eximsoft Technologies, US-based Egain Communica tions Corporation and South Asia Software Experts.

Royal Dutch Shell Group of Companies, UK and Seagram India’s proposals to amend their existing foreign collaboration agreements also got the nod. Development Credit Bank Ltd’s application to increase forign equity from 15.51 per cent to 37.5 per cent in its merchan banking and offshore finance activities also figured in the list.