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Wednesday, Aug 07, 2002

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Patni Computer among 18 FDI plans cleared

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THE Union Minister for Commerce and Industry, Mr Murasoli Maran, today cleared 18 proposals involving FDI worth Rs 610 crore.

Clearance has been given to Patni Computer Systems Ltd's plan to increase holding in the company from the present 39.21 per cent to 60.49 per cent involving FDI worth Rs 521.37 crore from its nine foreign partners including GE Capital Mauritius Equity Investment.

The proposal of Feedback Integrated Infrastructure Developers Pvt. Ltd to set up an integrated township at Gurgaon in Haryana with 74.04 per cent equity involving FDI worth Rs 72 crore has been cleared.

The Indonesia-based PT Buana Mega Bansako too got the go-ahead for its plan to set up a 100 per cent subsidiary for cash and carry wholesale trading of sports and lifestyle products involving FDI worth Rs 10 crore.

The Minister also cleared Geodis Overseas Pvt. Ltd's plan to increase equity in the company from 85 per cent to 95 per cent involving FDI worth Rs 4.2 crore.

He has also allowed four companies to convert their Indian joint ventures into wholly-owned subsidiaries.

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