Coke, Air Liquide Among 61 Fdi Proposals Cleared

The investments include a Coca-Cola proposal to increase the equity capital of its 100-per cent subsidiary Britco Foods from Rs 150 crore to Rs 440 crore. Britco manufactures soft drink concentrates, and can and PET bottles.

French multinational Air Liquide obtained two clearances: one, to invest Rs 20 crore in its 100-per cent subsidiary Air Liquide India Holding for manufacturing cryogenic grade nitrogen, and the second for investing Rs 25 crore in a 50:50 joint venture for manufacture and distribution of industrial gases.

Other 100 per cent subsidiary proposals cleared include US engineering giant Bechtel Corporations Rs 28-crore proposal for establishing a design, engineering, and procurement subsidiary for exports; UK-based Siebe Plcs Rs 40-crore proposal for engineering and project management subsidiary; and Italian company Pirelli Cavi Spas proposal to invest Rs 5.25 crore for manufacturing a range of cables and accessories.

 

The government also approved a Rs 3.2-crore investment for setting up a wholly-owned subsidiary of pharmaceutical giant Sandoz, US-based Foster Wheeler Corporations Rs 17.50-crore investment for designing and supplying a full range of steam generating and related auxiliary equipment; PHL Global Holding Co & Command Intl Holdings Rs 7-crore proposal for computer software; Rs 10-crore proposal of Iranian company Mohammad Babaeizadeh Malmiri for manufacturing of decorative and industrial crockery; and Progene Incs Rs 1.64-crore investment plan for genetic diagnostic services.

Clearances in the financial services sector include Hong Kong-based Swiss Bank Corporations proposal for investing $5 million to pick up 75-per cent equity in a non-banking financial company, $3.75-million proposal by Deutsche Morgan Grenfell Securitites for security brokerage and related activities in a joint venture in which it holds 75 per cent stake, and Morgan Grenfell Asias $2.5 million proposal for investing $2.5 million for securities and related activities in another venture with 50 per cent equity stake, and ITI Pioneer AMCs Rs 3.69-crore proposal for setting up a mutual fund with 46.13 per cent holding.

Other approvals include Apollo group company Indian Hospitals Corps Rs 13-crore joint venture with a Mauritius-based company, in which the Indian company holds 51 per cent.