The Telegraph
Since 1st March, 1999
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FDI plans worth Rs 92 cr cleared

New Delhi, Dec. 16 (PTI): Japanese tyre maker Bridgestone Corporationís Rs 66.6-crore proposal for raising equity in its Indian arm to 100 per cent was among the 23 proposals worth Rs 92 crore cleared by the government today.

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

The Rs 15-crore proposal of Indonesia-based PT Adijaya Guna Satwatama for setting up a 100 per cent subsidiary also secured the governmentís nod. The company proposes to undertake wholesale trading of agricultural commodities and products, animal feed and supplements and capital equipment as well as spares of plant and machinery used in poultry and dairy related industry.

Finnish telecom major Nokiaís proposal to undertake cash and carry wholesale trading was approved. This, however, does not involve fresh inflow of capital.

A proposal of Citicorp International Finance and individual NRIs from Canada has received the nod to develop computer software. It includes amending the existing approval relating to transfer of equity from foreign investors to NRI investors.

Other proposals which secured approval included US-based Bio Development International Incís plan to invest Rs 4.13 crore for setting up a 14MW installed capacity biomass-based IGCC power plant with an exportable output of 12MW. UK-based BrainTree Synthetic and Engineeringís proposal to invest Rs 3.17 crore in Delhi-based ASP Sealing Products Ltd for conversion of loan into equity was also cleared.

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