The Telegraph
Since 1st March, 1999
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Suzuki among 41 investment plans cleared

New Delhi, Nov. 26 (PTI): Suzuki Motor Corporationís proposal to set up an aluminium foundry in its Indian joint venture Maruti Udyog was among 41 foreign direct investment proposals worth Rs 206 crore approved by the government today.

The proposals were cleared by the commerce and industry minister Arun Shourie based on the recommendations of Foreign Investment Promotion Board, an official release said here.

Suzuki will invest Rs 12.75 crore for a 51 per cent equity in an aluminium foundry to be set up in Gurgaon to manufacture aluminium casting for various applications including automobiles.

Mauritius-based South Asia Regional Fund (SARF's) proposal to hike foreign equity from 44.7 per cent to 57 per cent in Satyam Infoway at a cost of Rs 65 crore was also cleared.

Other major investment proposals were in sectors like biotechnology, telecommunications, manufacture of electrical components, information technology and software development, consultancy and advisory services and NBFC activities.

Another proposal of Suzuki Motor seeking an amendment to its existing foreign collaboration approval was also cleared.

Other proposals cleared by the government were: UK-based Travalex Plcís Rs 40-crore proposal to set up a wholly-owned subsidiary for forex broking and money changing business.

Cargill Internationalís Rs 25-crore proposal to set up a 100 per cent subsidiary engaged in trading, advisory and consulting services.

German major Siemens AGís Rs 25-crore proposal to increase its equity from 87.26 per cent to 100 per cent in its Indian arm VXL Landis and GVR Ltd.

US-based Lanco Solutions Incís proposal to raise foreign equity in its Hyderabad-based Indian arm Lanco Global Systems from 47.83 per cent to 78.33 per cent through a share swap.

UKís Globally Managed Servicesí Rs 3-crore proposal for setting up a wholly-owned subsidiary in Mumbai.

Swiss pump major Sulzer Pumpsís proposal to raise its equity to 100 per cent from 98 per cent in its Indian arm.

Dubai-based Jumbo World Holdingsí proposal of Rs 1.83 crore to increase foreign equity from 0.06 per cent to 30.71 per cent in Falcom Tyres.

Toyota Tsusho Corporationís proposal seeking amendment to existing foreign collaboration at Bangalore-based steel and logistic centre for sourcing and re-sale at wholesale level to sectors other than automobile.

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