Clearance For Rs 2428-Crore Fdi Proposals

The ones cleared include the Rs 500-crore RPG Telephone Ltd proposal to set up a joint venture investing (or holding) company for investments in telecom and other infrastructure sector, the Rs 225-crore project of the French company Compagnie de Saint Gobain to set up manufacturing plant at Chengleput in Tamil Nadu for float glass, and the $60-million (Rs 210 crore) Gillette International proposal to manufacture shaving blades in the country.

The other significant projects to have been cleared include a $25-40-million proposal by Asian Infrastructure Fund for investing in infrastructure projects, the Rs 52.50 crore Reliance-De Beers project for diamond prospecting, a Rs 51 crore Asian Paints project to set up a plant in Maharashtra to make automotive paints and refinishes, $15 million project of Dutch company AKZO-Nobel to set up animal vaccines plant in Hyderabad, and three joint venture proposals by the Ispat group of Rs 49 crore each to invest in infrastructure projects.

 

Other notable approvals include US giant Mobil International Petroleum Corps Rs 11.7 crore proposal to construct a jetty and port terminal for LPG at Calicut, $1 million proposal of French power utility Electricite de France for a joint venture for operation and maintenance services to thermal power station, Rs 2.50 crore joint venture proposal of the Sanmar group to enter financial services, Rs 52.50 lakh joint venture proposal by Spic Jel Engineering Construction for power project construction and commissioning.

Cadbury Schweppes has got the nod to invest $15 million to manufacture fruit-based beverages and non-cola drinks, while the Rs 25 crore proposal of Neycer India to manufacture vitreous china sanitaryware and Rs 11 crore proposal of Eider Cables to set up a manufacturing facility in Himachal Pradesh for optical fibre cables have also been cleared.

Harris Corporation of US has been allowed to set up a 100 per cent subsidiary to invest $10 million for manufacturing telecom equipment.