Chidambaram clears 38 FDI proposals

Cargill Holdings BV's $50-million investment plan for starting commodities trading in India was among the 38 FDI proposals totalling Rs 361.32 crore cleared by the government today.

Following recommendations of the foreign investment promotion board, Finance Minister P Chidambaram also approved French Insurer Axa's proposal to bring in its share of capital worth Rs 24.55 crore in the life insurance venture with telecom major Bharti.

Pilkington italy of the United Kingdom has got the green signal to set up a wholly-owned subsidiary in Andhra Pradesh for an initial investment of Rs 58 crore, to manufacture automotive glass products in India.

Mauritius-based Spectrum Technologies' FDI proposal of Rs 18 crore in Dynamic Generation Pvt Ltd has been approved by the FIPB.

Leading IT company Red Hat of Ireland will increase its holding in the Indian arm from 60 to 100 per cent.

Randox Laboratories of UK will expand its India operations for which it will invest Rs 15.5 crore.

Sur Tec International GMBH of Germany will invest about 1 million euro for starting a wholly-owned subsidiary in India for carrying out surface treatment chemicals trading.

US-based Fisher Scientific International Inc will pump in Rs 4.81 crore in Scientific Products India Pvt Ltd for undertaking trading activities.

Swedish firm Alfa Laval has got the clearance of increasing its investment in indian arm alfa industrial products for expanding research and developement and manufacturing of heat exchangers and related engineering services.

Agrocorp international pte of singapore will invest about rs 5 crore in crescendo properties.