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Tuesday, Jan 13, 2004

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Vijaydimon FDI proposal among 28 cleared

Our Bureau

New Delhi , Jan. 12

THE Union Government on Monday cleared 28 foreign investment proposals totalling Rs 224.42 crore, which includes a Rs 100-crore investment plan by Singapore-based Vijaydimon Pte Ltd for transfer of shares from resident to non-resident (NRI) as well as issue of fresh equity.

The Indian entity of Vijaydimon is engaged in the import of rough diamonds, manufacture of polished diamonds from roughs.

The proposals cleared by the Finance Minister, Mr Jaswant Singh, had been recommended by the Foreign Investment Promotion Board. Among the other proposals cleared on Monday include IndusInd Media's plan to invest Rs 63 crore in its cable business in the country. The Mauritius-based IndusInd Media is to convert optionally convertible preference shares into equity besides issuing fresh shares to foreign investors, according to an official statement.

The proposals cleared in this clutch pertain to sectors such as chemicals, petrochemicals, auto component, IT and broadcasting. The other proposals cleared include Bausch & Lomb's open offer and Moody's Mauritius' plan to hike foreign equity to beyond 31 per cent. Similarly, IBM World Trade Corp wanted to alter royalty payment terms while Yahoo! Inc would convert Indian operations into a wholly owned subsidiary. In addition, Enercon GmbH has been permitted to set up a joint venture operation in India with envisaged FDI of Rs 10.56 crore.

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