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Regular-article-logo Monday, 05 May 2025

RS 5000-CR RELIANCE PETRO GDR PLAN GETS GO-AHEAD 

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FROM OUR CORRESPONDENT Published 21.05.01, 12:00 AM
New Delhi, May 21 :    New Delhi, May 21:  The government today cleared 47 foreign direct investment (FDI) proposals worth Rs 6,020 crore, including Reliance Petroleum's Rs 5,000-crore global depository receipt (GDR) issue for its petroleum refinery project. Among the other major proposals cleared by the ministry of commerce and industry is the Rs 823-crore HDFC Bank Ltd's ADR/GDR issue to expand its banking operations. Infotech major Moschip Semiconductor Technology's Rs 30.8-crore proposal to manufacture computer chips and semi-conductors has been approved. This apart, Rediff Communications has been allowed ADR-linked stock option involving no fresh FDI. The government also cleared the Rs 46-crore worth FDI proposal for 20 per cent equity stake in Mahindra Realty and Infrastructure Developers Ltd (MRIDL) for infrastructure projects like roads, highways, bridges, airports, rail, bus and truck terminals. Malaysian company General Labels & Labeling (M) SDN BHD has been allowed to set up a wholly-owned venture to manufacture pre-printed paper and film-based self-adhesive and security labels. ABB Holdings (south Asia) has been given the go-ahead to increase its equity stake in the investment holding company to 100 per cent from 51 per cent now; this involves FDI worth Rs 4.13 crore. Sona Investment Ltd has been allowed to bring in almost Rs 19 crore FDI. Also, Madura Coats has been allowed to increase equity through the buyback route, involving no fresh FDI. Among the other proposals cleared is Chinese major Konka Electronics' amendment in the existing FC, involving no fresh inflow; Coronet Products' Rs 2.55 crore proposal for manufacturing synthetic or monofilament yarn etc. Shivalik Sugars' Rs 13.95 crore proposal was cleared; so was Rane luK Clutch's Rs 21 crore proposal for manufacturing auto spare parts. The government also cleared the Rs 9.4 crore proposal of Casio India to manufacture and market radio pagers; of management consultants KPMG for addition in its activities and Apagu Trading's Rs 1.15 crore proposal for exporting leather textile and garnet handicrafts.    
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