Fdi Proposals Worth Rs 75 Crore Cleared

The government has cleared 42 foreign direct investment (FDI) proposals worth Rs 75 crore, a government statement said today. The projects approved include a proposal by Toyota Tsusho Corp to infuse an additional Rs 20 crore to manufacture buses and trucks.

The infusion will not alter the 100 per cent foreign holding in the company. Toyota Tsusho Corp is the Japanese collaborator of Araco Polyflex Pvt Ltd, a manufacturer of bus and truck bodies.

Commerce and industry minister Murasoli Maran also approved a Rs 10-crore proposal by the US-based HNS India V-Sat Inc for the installation and maintenance of V-Sat equipment services in India.

General Electric Corp's proposal to increase its shareholding (through GE Capital Services India) in its home-financing joint venture with Housing Development and Finance Corporation (HDFC) from the existing 75 per cent to 100 per cent has also been cleared. GE will be acquiring the shares owned by HDFC.