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Thursday, Mar 07, 2002

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GM, Rabo Bank among 38 FDI proposals cleared

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NEW DELHI, March 6

GENERAL Motor Corporation's plan to infuse Rs 600-crore fresh capital in the wholly-owned Indian subsidiary, General Motors India Pvt Ltd, in the form of Rs 400 crore equity capital and Rs 200 crore preference capital is among the 38 foreign direct investment (FDI) proposals cleared by the Government today.

The Minister for Commerce and Industries, Mr Murasoli Maran, also cleared the proposal of Rabo India Finance Ltd to increase foreign holding in the company from the present 75 per cent to 100 per cent, involving an investment of Rs 151.56 crore. Matsushita Electronic's proposal to increase its holding in the Indian subsidiary, Matsushita Air-Conditioning India Private Ltd, from the present 70 per cent to 90 per cent involving fresh investment worth Rs 72.50 crore, has also been cleared.

The Netherlands-based Timex Watches BV's proposal to increase its holding in the Indian subsidiary to 83.54 per cent from the present 79.47 per cent too, has received the go-ahead from the Industry Minister.

A total of 38 proposals involving a total investment of Rs 940 crore were cleared by the Minister today following recommendations received from the FIPB.

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