63 FDI plansokayed

63 FDI plansokayed

NEW DELHI, JANUARY 22: The Union government has approved 63 cases of the foreign direct investment amounting to Rs 1,620 crore including those of Escorts Yamaha Motors, Sharp Corporation, Tetra Pak India, Dishnet DSL Ltd and Siel Ltd. The Union commerce and industry minister Murasoli Maran has approved the cases based on the recommendations of the Foreign Investment Promotion Board.

Of the Rs 1,620 crore FDI approved, Internet service provider Dishnet DSL Ltd's proposal got the approval for induction of foreign equity to the tune of Rs 1,300 crore through issue of ADR/GDR up to 44.125 per cent in the paid up equity capital of the company. Escorts Yamaha Motors' proposal got the approval to issue redeemable non-cumulative preference shares to the tune of Rs 36.6 crore. FIPB also approved the proposal of Sharp Corporation to set up a joint venture company with foreign equity investment of up to 74 per cent amounting to Rs 6.66 crore for development and production of hi-technology electronic products and solutions.

Tetra Pak India's proposal to raise the foreign equity participation from 74 per cent to 100 per cent, with total inflow of foreign exchange to the tune of Rs 15 crore, also got FIPB approval.