Pfizer, GM FDI proposals get nod

NEW DELHI, DEC 23: US pharmaceutical major Pfizer's proposal to set up a fully-owned subsidiary and General Motors application to hike pai...

NEW DELHI, DEC 23: US pharmaceutical major Pfizer’s proposal to set up a fully-owned subsidiary and General Motors application to hike paid-up capital were among the Rs 5592 crore foreign direct investment cleared by the government.

Pfizer’s plan to set up a 100 per cent subsidiary, with a paid-up capital of Rs 4.3 crore, had raised eyebrows as the company already controls a subsidiary in India. General Motors India Ltd, which manufactures the popular mid-segment `Opel Astra’, will increase their paid-up capital to Rs 180 crore. Silverline Technologies Ltd, involved in software development and exports, will bring in an FDI of Rs 537.5 crore. The Taj Telephone and Cable Ltd’s project to build and operate a state-of the-art digital fibre optic network has received the go ahead. The Britain-based company will be investing Rs 3,450 crore of foreign direct investment in the project.

Telecom Investment India Ltd, has got approval to set up a 100 per cent holding company with a paid-up capital of Rs 165 crorefor investments in companies associates with telecom sector.

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Hinduja National Power Corporation Ltd got the nod for increasing its stake from 51 per cent to 100 per cent undertaking an investment of Rs 294 crore.Involved in manufacture of windsheeters and wind jackets, Dextrous Fiber Private Ltd has got the green signal to set up a 100 per cent subsidiary with an investment of Rs 224 crore.

Associated First Capital Corporation of the United States received approval to invest upto Rs 215 crore for setting up a fully-owned subsidiary to act as a holding company for step down subsidiaries for undertaking NBFC activities.

HDFC, engaged in housing finance, has got the approval to bring in Rs 11.91 crore to increase FDI/NRI equity to 26.67 per cent from the current 12.35 per cent.

Sources in the LJP (RV) said the names of the remaining 15 candidates would also be announced very soon.

Bihar polls: Chirag Paswan’s LJP (Ram Vilas) announces first list of 14 candidates

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Lok Janshakti Party (Ram Vilas) announced its first list of 14 candidates for the Bihar assembly polls, with its state unit chief Raju Tiwary and leader Hulas Pandey among the nominees. As per the seat-sharing arrangement, LJP (RV) will contest 29 seats, while BJP and JD(U) will contest 101 seats each. The remaining 15 candidates will be announced soon.

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