Govt clears Satyam, 30 other FDI plans

Other approved proposals include those of Reliance Industries Ltd, Concorde Motors Ltd, Tecumseh India Pvt Ltd, Sun Chemical group BV of The Netherlands, Infinity Technology Trustee Pvt Ltd, Tefal India Household Appliances Ltd and Four Soft Pvt Ltd.

The Union minister for commerce and industry Murasoli Maran has approved the cases on the recommendations of the Foreign Investment Promotion Board (FIPB), said an official statement.

Sunrider has been allowed to set up a wholly owned subsidiary to manufacture and market herbal based nutritional and personal careproducts.

Concorde Motors’ proposal envisages setting up an automobile retail and after-sales company. Reliance Industries has got the go ahead to set up two LNG receipt terminals, said the statement.

Infinity Technology Trustee Pvt Ltd’s proposal envisages setting up an investment company with inflows of Rs 107.50 crore.

Sun Chemical group BV’s proposal envisages inflow of Rs 26.68 crore to pick up 25 per cent. The company intends to manufacture printing ink.

FIPB has approved the case of Chrysalis Capital I, LLC to enter the information technology sector by setting up a wholly owned subsidiary at an inflow of Rs 45 crore. Eastnet Global Pvt Ltd, which will be an internet service provider, has got the approval to pick up 49 per cent at an inflow of Rs 52.20 crore.

Transitions Optical Group has got the FIPB approval to set up a wholly owned subsidiary at an investment of Rs 8.60 crore. The company will manufacture hardcoating imported lenses, said the statement. Four Soft Pvt Ltd’s proposalenvisages entering the business of IT supply chain solutions in software applications with an inflow of Rs 17.20 crore.

Proposals of Clips India Pvt Ltd, TexWorld.com Inc and Freemarkets Inc, among others were also approved by the FIPB, the statement added.

Govt nod for FDIin IT companies
New Delhi: The Government has cleared a slew of proposals in the information technology sector including Mascon Global, SAP Labs India, Gandour India, CyberCash India Pvt Ltd and Limitless Software Inc recently. Though the amount of foreign equity being pumped in these companies would not be much, they are significant as these signify a growing and continued interest of overseas investors in the Indian software sector.