Financial Daily from THE HINDU group of publications
Saturday, Feb 21, 2004
Financial Daily from THE HINDU group of publications Saturday, Feb 21, 2004 |
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Industry & Economy
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Foreign Direct Investment Nitrex Mauritius among 35 FDI proposals cleared Our Bureau
New Delhi , Feb 20 NITREX Mauritius Ltd's plan to acquire 99.88 per cent stake in the Delhi-based Fragrant & Flavour Chemicals India and subscribe up to 100 per cent of the company's preference shares involving a combined inflow of Rs 142.34 crore foreign direct investment (FDI) was among the various FDI proposals cleared today. A total of 35 proposals involving FDI worth Rs 371.68 crore was cleared by the Finance Minister, Mr Jaswant Singh, following recommendations from the Foreign Investment Promotion Board (FIPB). The other proposals cleared include HFCL Infotel Ltd's plan to transfer shares to eligible non-resident investors including NRIs, FIIs and foreign venture capital funds involving FDI inflow of Rs 51.30 crore. The Singapore-based pharmaceuticals company, Bristol-Myers Squibb (Singapore) Pte Ltd, has been given the green signal to set up a wholly owned subsidiary in India at an investment of Rs 48 crore. Semikron International of Germany has been allowed to increase holding in its Indian subsidiary, Semikron Electronics Pvt Ltd, by way of transfer of stakes from resident shareholders involving FDI worth Rs 42.45 crore. The proposal of Ma Foi Consultants to bring in FDI worth Rs 27.52 crore by way of transfer of stake from resident to non-resident shareholders has been approved. The Philippines-based SPI Technologies has been allowed to invest Rs 23 crore in Kolam Information Services by acquiring stake from residential shareholders. The Tunisia-based Group Chimique Tunisien has been permitted to acquire part of the residential stake in Godavari Fertilisers involving FDI inflow of Rs 19.84 crore.
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