The Hindu Business Line : Templeton among FDI plans cleared

THE Government on Friday cleared Foreign Direct Investment (FDI) proposals worth Rs 580 crore, including Caltex Oil Corporation's proposal to increase its stake from 51 per cent to 100 per cent. For this, Caltex Oil will bring in foreign investment worth Rs 219 crore.

The Government also cleared a proposal by Franklin Templeton Holding Ltd to issue optionally convertible preference shares to Templeton Asset Management (India) Pvt Ltd, bringing in foreign inflows of Rs 290 crore.

Japanese Kowa Company Ltd has also been permitted to bring in Rs 23.40 crore. The company is involved in the development of port back-up facilities in terms of storages and cargo handling equipments for their dry bulk and liquid bulk cargo.

Inter-Continental Hotels Corporation has also been allowed to bring in Rs 14.10 crore for investing in the hotels and tourism sector.

The other proposals cleared include allowing HM Holdings of Delaware to make 100 per cent FDI worth Rs 4.42 crore in Hallmark India Pvt Ltd, which is involved in making family entertainment programmes.

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