The Telegraph
Since 1st March, 1999
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Govt clears FDI plans worth Rs 97 crore

New Delhi, Nov 5: The government today cleared 41 foreign direct investment (FDI) proposals worth Rs 97 crore, including a Rs 42-crore proposal by Dutch investment firm Matthey Finance BV for setting up a wholly-owned chemical and bio-chemicals subsidiary.

The proposals cleared today were mainly from sectors like manufacturing vegetable oils and fats, consumer goods, wholesale trading of high-tech engineering components, automobile components, information technology and software development, a statement said.

Singapore-based Scigen’s plan to invest Rs 12 crore in setting up a wholly-owned subsidiary in India to manufacture recombinant human insulin, human growth hormone, Hepatitis B vaccine and other drugs got a clearance today.

British major Spectris Plc also plans to set up a 100 per cent subsidiary here for wholesale trading of high-tech precision control and measurement equipment and related components. This proposal envisages FDI worth Rs 13.32 crore.

Hughes Electronics’ proposal for an equity swap deal with Tata Teleservices in its cellular telephone services venture in India has been cleared but this involves no fresh FDI inflow.

Mauritius based Supermax holding’s plan to invest Rs 10 crore in its Indian arm, which manufactures shaving blades, razors and shaving creams, was also cleared. Supermax holds 47 per cent stake in its Indian arm.

Swiss company Schindler Holding’s proposal for amendment in the existing approval was also passed today.

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