The Telegraph
Since 1st March, 1999
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FDI plans worth Rs 107 cr cleared

New Delhi, Dec. 31 (PTI): Germany-based Bayer Crop Scienceís Rs 74-crore proposal for raising its stake in Aventis Crop Science India to 100 per cent is among the 23 foreign direct investment (FDI) proposals worth Rs 107 crore approved by the government today.

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

The major FDI proposals are related to sectors like chemicals and petrochemicals, manufacture of fertilisers and pesticides, petroleum and natural gas, manufacture of bio- mass-based products and software development.

Bayer Crop Science wants to convert Aventis Crop Science India, which makes fertilisers and pesticides, into a wholly-owned subsidiary by increasing its shareholding from the present 67.08 per cent.

The Rs 12.76-crore proposal of French plastic ophthalmic lenses maker Essilor International SA to raise stake in Bangalore-based Indian Ophthalmic Lenses Manufacturing to 94.32 per cent from 92.7 per cent also secured government approval.

Soft drinks maker Coca-Cola South Asia Holding Inc was received the go-ahead to expand and consolidate the production and distribution infrastructure of non-alcoholic beverage business in eastern and western India.

Pepsico Incís proposal to acquire a plant and franchisee in Haryana and Himachal Pradesh was also approved.

Both these proposals, however, do not involve any fresh inflow of FDI and await amendment in the existing foreign collaboration route.

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