The Hindu : 22 FDI proposals cleared

Online edition of India's National Newspaper
Wednesday, Dec 25, 2002

Business

Business

22 FDI proposals cleared

By Our Special Correspondent

NEW DELHI DEC. 24. The Mauritius-based Covanta Energy India's Rs. 20 crore proposal for issuance of fresh shares in Great Eastern Energy Corporation was among the 22 foreign direct investment proposals worth Rs. 46 crores cleared by the Union Government today.

These proposals, approved by the Union Commerce and Industry Minister, Arun Shourie, had been vetted and recommended by the Foreign Investment Promotion Board.

Among the requests cleared was the Japanese company, Yamaha Motor Corporation's proposal to amend the existing foreign collaboration approval pertaining to permission for extension of period of redemption of non-cumulative preference shares in its Indian arm, Yamaha Motor India Pvt. Ltd.

Other proposals cleared by the Government include: Rs. 9 crore proposal by the Singapore-based company eSys Distribution to hike foreign equity from 66.61 per cent to 99.92 per cent in its Indian subsidiary.

Similarly, Rs. 3.455 crore proposal to increase foreign equity from 1.93 per cent to 28.4 per cent in Divi's Laboratories for manufacture of drugs, medicines and allied and chemical products was accorded the green signal.

PTI adds:

A Rs. 3.60 crore proposal of FELCRA Berhad for 75 per cent equity in its Indian arm to undertake bulk import of RBD palmolein and wholesale trading and bulk sales to industrial and institutional customers and wholesale distributors was cleared. LG Life Sciences proposal for 100 per cent equity in its Indian arm to import, market, distribute, sell, export and manufacture formulation of diverse pharmaceutical and life science and synthetic products including bio-pharmaceutical an bio-logical products and diagnostic kits was also given the green signal.

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