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India Okays 22 FDI Proposals Worth Rs.586.14 Cr.

Based on the recommendations of Foreign Investment Promotion Board or FIPB, the Indian government on Friday cleared 22 FDI proposals, including that of Shantha Biotechnics, entailing total investment of around Rs.514 crore.

However, decision on InterCall Asia Pacific Holdings Pvt. Ltd., Singapore, to set up a WOS to undertake the business of providing audio, video and web conferencing services and 17 other requests has been deferred, the Finance Ministry said.

The Mumbai-based Mahindra and Mahindra Ltd. has got the approval to bring in Rs.25.99 crore for setting up a JV company to develop, manufacture and provide service support for radar systems and various kinds of defense electronic systems. It has also been allowed to bring investment in publishing services, undertaking rights issue, developing software and IT enabled services and undertaking defense related activities. and setting up a JV firm to develop radar systems and various kinds of defense electronic systems. The company proposes to bring in Rs.46.15 crore worth of FDI.

Springer Editorial Services Pvt. Ltd., which plans to bring in Rs.12.87 crore worth FDI, has been allowed to increase foreign investment percentage in the business of publishing services.

Ashok Leyland had sought FIPB's nod to bring in Rs.10 crore FDI to undertake defense related activities. Advent Business Credit Development Co. Pvt. Ltd.'s request for post facto approval of Rs.9.002 crore investment for undertaking wholesale trading activity in 2000-01 and 2001-02, transfer of equity shares and for setting up and operating an Industrial Park has also been approved.

Besides, decision on request of CLSA Singapore Holdings Pte. Ltd./CLSA Ltd., Hong Kong, for infusion of foreign investment into outsourcing services for clients, both domestic and offshore has also been deferred.

Other applications on which decisions were deferred include that of Catvision Ltd., Noida, Plethico Pharmaceuticals Ltd., Mumbai, Ankur Drugs and Pharma Ltd., Mumbai, InterCall Asia Pacific Holding Pvt. Ltd., Singapore, Ordain Health Care Global Pvt. Ltd., SNC-Lavalin Mauritius Ltd., Mauritius.

Five proposals, including that of Quest Global manufacturing Pvt. Ltd. to undertake machining of aerospace parts, have been rejected by the FIPB headed by Secretary of Economic Affairs R. Gopalan.

by RTT Staff Writer

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