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Our Bureau

New Delhi , Jan. 28

THE proposal of the US-based Nalco Chemicals Company to acquire shares from the public shareholders of Ondeo Nalco India Ltd through public announcement and letter of offer involving foreign direct investment (FDI) worth Rs 28.80 crore was among the FDI proposals cleared by the Government today.

Some 38 proposals were cleared by the Minister for Finance and Company Affairs, Mr Jaswant Singh, involving FDI worth Rs 121.46 crore following recommendations from the Foreign Investment Promotion Board (FIPB).

The other proposals that were okayed by the Minister include the Kochi-based FCI OEN Connectors Ltd' proposal to issue preferential shares/warrants to the France-based FCI France involving FDI worth Rs 30.04 crore.

The Minister has also approved Foskor Ltd's (South Africa) plan to acquire shares of Godavari Fertilisers and Chemicals Ltd held by Coromandel Fertilisers Ltd involving investment worth Rs 19.84 crore.

The proposal of Perstorp Aegis Chemicals Ltd to increase foreign holding from 74 per cent to 100 per cent by its parent companies - the Netherlands-based Perstorp Speciality Chemicals Holdings BV and the Sweden-based Perstorp AB - with fresh investments worth Rs 14.65 crore has also received the Minister's go-ahead.

More Stories on : Foreign Direct Investment | Chemicals

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