Govt okays FDI worth Rs 1,465 cr

Govt okays FDI worth Rs 1,465 cr
ENS ECONOMIC BUREAU

NEW DELHI, JULY 13: The government on Thursday approved 45 proposals of foreign direct investment (FDI) amounting Rs 1,465 crore including the Rs 880-crore Dr Reddy's Laboratories.

The commerce and industry minister Murasoli Maran cleared proposals in sectors including drugs, computer software development for export, internet, power, shipping agency, mobile telephone services, website related services, export of ferrous products, diamond jewellery and non-banking financial companies (NBFC) activities.

Besides, the proposal of Dr Reddy's Laboratories for a 100 per cent inflow of foreign equity, the Rs 325-crore application of Bakreshwar Power Generation Company with a foreign equity of 60 per cent and Rs 101.12 crore proposal of Gujarat Powergen Energy Corporation were also cleared. The foreign equity in Gujarat Powergen proposal has increased from 74.11 per cent to 88 per cent.

Hindustan Lever got the clearance for a marginal increase in parent Unilever Plc's holding in the company from 51 per cent to 51.57 per cent due to amalgamation of some group companies.

HDFC Securities has been allowed to start brokerage services through the internet and other channels by foreign equity of 28.5 per cent amounting to Rs 40 crore.

Proposals by advertising agency Ambience Tomorrow for payment of technical fees to foreign partner and Pacific Convergence (Mauritius) Ltd to set up a wholly-owned company for internet and support services were also approved. The proposal of Pacific Convergence's envisages a foreign direct investment of Rs 25.8 crore, the release said.

IEE Publication's application to increase the foreign stake in the venture to publish Walt Disney comics and children's books in India from 50 per cent to 100 per cent also got the government approval.

Egis of France is setting up a wholly owned company which will act as a holding company for joint venture companies in the infrastructure sectors. The foreign equity involved in the company is Rs 43 crore.

Proposals by Dutch Norsk Hydro to increase its stake in the Indian venture for extrusion and fabrication of aluminium products from 50 per cent to 100 per cent and Halliburton Oilfield Services to increase foreign equity from 74 per cent to 98.15 per cent were also cleared by the minister. Software proposals including Codify Inc, Indiainfo.com and Acro Americal Inc were also cleared.