Nestle, Ssi, Caltex Among Rs 802 Cr Fdi Approvals

THE US $100 million global depository receipts (GDRs) of SSI and Rs 180 crore worth fresh investment by US-based IBP Caltex Ltd were among the 46 proposals for foreign direct investment (FDI), aggregating Rs 802.90 crore, cleared by the Government today.Among the other major proposals which were approved are Nestle India, Universal ABB Power Cable, TAIB Capital Corporation Ltd, Citicorp Finance and Indus Networks Ltd.

Chennai-based software major SSI Ltd has been allowed to float GDRs of Rs 435 crore equivalent to US $100 million for developing software products and e-com.

Nestle SA of Switzerland has been permitted to raise its equity in Nestle India from 51 per cent to 56 per cent by bringing in a minimum of Rs 19.28 crore.

 

US lubricant major, Caltex Inc, has been allowed to increase its paid up capital by issue of fresh shares in the Indian venture by bringing in Rs 180 crore. The fresh infusion of funds is for setting up of various infrastructure projects for imports, stage and distribution of LPG.

TAIB Capital Corporation, engaged in underwriting, distribution and research functions in the capital markets, has been allowed to increase its holding in the Indian venture to 74 per cent from the current 51 per cent by bringing in an additional Rs 16.35 crore.

Chaitime Inc, USA, has also been permitted to set up 100 per cent subsidiary for creating and designing a website for the Indian ethnic population worldwide. The total investment envisaged in this is to the tune of Rs 22 crore. Thermax Energy Performance Service Ltd has been allowed to dilute its holding by 1 per cent to 49 per cent.

The Govt also cleared a proposal of MTL Instruments Pvt Ltd to increase the foreign holding from 74 per cent to 100 % by bringing in Rs 4 crore.FDI proposals covering diverse sectors like processed foods, non-banking finance activities, power cables, software and healthcare were approved by commerce and industry minister Murasoli Maran on the recommendations of the FIPB.

However, out of the 46 proposals cleared, 19 proposals involving FDI worth Rs 494.55 crore from IT sector alone.