18 Fdi Proposals Cleared

The government today cleared 18 foreign direct investment (FDI) proposals worth Rs 68.24 crore.

The proposals included Barakhamba Sales & Services Pvt Ltd -- a cellular services firm promoted by the Essar group and Hutchison Whampoa of Hong Kong -- to bring in an initial foreign equity of Rs 9.8 crore in the paid up capital of Rs 20 crore. Hutchison's equity will be routed through AI-Amin Investments, Mauritius, said sources. An official release claimed the company will make an foreign equity investment of Rs 220 crore over a period of time.

The proposals were cleared by commerce and industry minister Murasoli Maran, on the recommendations of the foreign investment promotion board.

Other proposals cleared include one by Fitch Inc to (post the global merger of Duff and Phelps Credit Rating Company with Fitch Ratings) to increase its shareholding in Fitch Ratings India Pvt Ltd from 33 per cent to 100 per cent by investing Rs 14.72 crore.

The minister also cleared a Rs 8.58 crore foreign equity infusion proposed by German engineering firm Sartogrius Separation Engineering Gmbh for increasing its shareholding in its Indian subsidiary from the existing 51 per cent to 90 per cent.

The German company manufactures filtration process equipment having applications in pharmaceuticals, biotechnology, beverage, chemical and electronic industries.

Godrej has been allowed to exit in its joint venture with the Dutch major Selviac Nederland BV in its food processing JV, Godrej Pillsbury Ltd. The Dutch company is increasing its stake to 100 per cent from 56.45 per cent by investing Rs 22 crore as fresh FDI.