The Hindu Business Line : 23 FDI plans worth Rs 40 cr cleared

THE US-based Pitney Bowes' proposal to set up a wholly-owned subsidiary in India for wholesale trading of hi-tech mail and document management systems and providing after sales support involving foreign direct investment (FDI) worth Rs 23 crore was among the FDI proposals cleared by the Government on Tuesday.

A total of 23 proposals involving investment worth Rs 40.75 crore was approved by the Minister for Finance and Company Affairs, Mr Jaswant Singh.

The US-based Healthscribe Inc has been given the green signal to go ahead with its plan to invest Rs 10.82 crore in Health Scribe India (P) Ltd for developing computer software.

The Tokyo-based Riken Corporation has been allowed to increase its holding in Shriram Pistons and Rings Ltd from the current 18.5 per cent to 27.3 per cent involving FDI worth Rs 4.05 crore.

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