Govt clears proposals

NEW DELHI, DECEMBER 20: The new government has cleared foreign investment proposals worth Rs 2431 crore since coming to power in October i...

NEW DELHI, DECEMBER 20: The new government has cleared foreign investment proposals worth Rs 2431 crore since coming to power in October including those of auto majors Toyota and Volvo.

Replying to a written question in the Rajya Sabha today, commerce and industry minister Murasoli Maran said the government approved 174 investment proposals since October 13, 1999, based on the recommendations of the Foreign Investment Promotion Board FIPB.

The government approved Rs 100 crore worth of investments by auto major Toyota Kirloskar, Rs 94.60 crore by Volvo India Pvt Ltd and Rs 235.20 crore by Skoda Auto Ltd, Maran said.

He said that approval was also given to Sun and Sound Systems Pvt Ltd for investing Rs 425 crore in the country besides approving an investment proposal of Rs 34.15 crore by Infotech Enterprises Ltd.

Microland Ltd was also given permission by the government to invest Rs 28.27 crore apart from approving Japanese multinational Obayashi Corporation to invest Rs 0.8 crore in the country, Maran said.

The government, since October 13, also approved proposals of escorts Yamaha to invest Rs 12 crore, Zurich Insurance Company of Switzerland to invest Rs 31.87 crore and that of Bharti Tele Spatial to invest Rs 43 crore, Maran said.

The other proposals that have been cleared by the government include, Rs 175 crore by Orchid Chemcials and Petrochemicals Ltd, Rs 351 crore by International Seaports India Pvt Ltd, Rs 20 crore by the Caparp Group Ltd.

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Maran said government has also approved foreign investment proposals of Rs 42 crore by Westinghouse Air Brake Company, Rs 39.26 crore of investment by Kirloskar Toyoda Textile Machinery Ltd and Rs 244 crore by Wilton Weavers Private Ltd.

Foreign investment proposals of goodlass nerolac paintsto pump in Rs. 109.28 crore was also approved by the government besides according foreign investment clearance to companies like kodak polychrome graphics India private ltd to invest Rs. 1.50 crore and Rs. eight crore to broadcom India private ltd.