Maran clears FDI worth Rs 1,647 crore

Maran clears FDI worth Rs 1,647 crore
ENS ECONOMIC BUREAU

NEW DELHI, MAR 7: The government today approved 87 foreign direct investment (FDI) proposals worth Rs 1647.76 crore. The proposals have been cleared by commerce and industry minister Murasoli Maran on the recommendations of the Foreign Direct Investment Promotion Board (FIPB).

Leading Edge Technologies Ltd has been allowed to bring FDI worth Rs 588 crore to provide turnkey software development projects, while Timex BV has been permitted to hike its stake in Timex Watches Ltd from 29.68 per cent to 58.46 per cent by bringing in Rs 44.03 crore.

Maran also approved a proposal by Tata Finance Ltd to bring in Rs 68.15 crore for expanding its activities into the areas of equity and debt broking.

While Japanese construction equipment major, Hitachi Construction Machinery Co Ltd was allowed to bring in an additional Rs 93.50 crore, US-based Lubrizol Corporation has been allowed to increase its stake in the Indian joint venture with the government, Lubrizol India Ltd, to 50 per cent from the current 40 per cent by bringing in Rs 23.61 crore.

Domestic software major, DSQ Software Ltd, would bring in Rs 2.45 crore for software development, while Kuoni Travel Holding of Switzerland has been allowed to bring in Rs 133.73 crore for setting up a 100 per cent subsidiary in India for inbound and outbound travel services.

Bharti Cellular Ltd has been allowed to transfer shares worth Rs 3.15 crore from the non-resident Indian (NRI) category to a foreign collaborator. Spencer & Co Ltd of UK has been permitted to bring in Rs 49 crore to undertake cash and carry wholsale operations in the country. Other major proposals cleared by the government include that of ATD India Holdings Ltd of Mauritius to set up 100 per cent subsidiary for education, leisure, hospitality and mixed use development projects. The company will bring in FDI worth Rs 20 crore.

Webdunia.Com (India), the country's first Hindi portal has been permitted to issue 25.80 per cent of its equity worth Rs 11.74 crore to foreign partners and non-resident Indians. I Process (P) Ltd received the government nod for bringing in Rs 24.20 crore for setting up wholly-owned subsidiary for IT enabled and remote processing services.