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Govt okays 30 FDI proposals

New Delhi, July 23: Finance minister Jaswant Singh today cleared 30 foreign direct investment (FDI) proposals worth Rs 130.25 crore, including the Rs 95.69 crore fund infusion of EMC Corporation of the US. The proposals were mainly for manufacture of glass, reinforce polymer pipe systems and tanks, consumer goods, ISP and software, an official release said. The Foreign Investment Promotion Board also cleared Rs 17.54 crore FDI plan of a Bahrain-based company for manufacture of glass and reinforced polymers pipes and tanks.

LML exports

New Delhi, July 23: LML Ltd plans to assemble and sell its two-wheelers, including the Freedom motorcycle, in Egypt and Colombia next year as part of strategies to grow its exports business three-fold to 10 per cent of turnover by fiscal 2006, said MD Deepak Singhania.

BIFR staff

New Delhi, July 23: The government is planning to accommodate most of the employees of Board for Industrial and Financial Reconstruction (BIFR) in the proposed National Companies Law Tribunal (NCLT), after it is wound up. “The BIFR will be wound up after the repeal of Sick Industrial Companies Act. Most of the employees in BIFR will be absorbed in the NCLT,” a finance ministry official said today.

UTStarcom

Gurgaon, July 23: UTStarcom, global provider of wireless and wireline access and IP switching solutions, today announced plans to invest $ 25 million in its development centre at Bangalore. The expansion plan would encompass doubling the employee strength at the facility to 150 engineers in the coming two months, a company release said here.

L&T stake

Mumbai, July 23: Foreign institutional investors picked up an additional 4 per cent stake in Larsen and Toubro Ltd in April-June 2003, taking their holding to 7.48 per cent of the capital, according to shareholding data of the cement and engineering major available with the Bombay Stock Exchange.

Crude output

New Delhi, July 23: India’s crude oil production rose by a marginal one per cent to 2.756 million tonnes in June as opposed to 2.728 million tonnes produced in the same month last year.


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