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Friday, Feb 06, 2004

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Michelin proposal among 40 FDI plans cleared

Our Bureau

New Delhi , Feb. 5

THE proposal of Campagnie Michelin to set up a joint venture tyre company with Apollo Tyres as well as picking up a 14.9 per cent stake in the latter involving foreign direct investment (FDI) worth Rs 323.42 crore was among the various FDI proposals cleared by the Government on Thursday.

A total of 40 proposals involving FDI worth 501.14 crore was cleared by the Finance Minister, Mr Jaswant Singh, following recommendations from the Foreign Investment Promotion Board (FIPB).

Also, HSBC Asia Pacific's proposal to acquire up to 40.07 per cent equity shares of UTI Bank held by resident and non-resident shareholders involving FDI worth Rs 92.53 crore was okayed by the Minister.

The Singapore-based Del Monte Pacific Ltd's plan to set up a wholly-owned subsidiary to manufacture, distribute and market processed foods and beverages such as ketchups, sauces and condiments involving FDI worth Rs 40.07 crore was approved.

The US-based Sony Pictures Entertainment's share swap proposal between its Indian subsidiary Sony Entertainment Television India and its Singapore-based subsidiary was also approved by the Minister.

The proposal does not involve any additional investment inflow.

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