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Tuesday, Jul 27, 2004

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Gabriel's methanol project cleared

Our Bureau

New Delhi , July 26

GABRIEL Trade and Investment Co Ltd's plan to set up a industrial methanol unit with an investment worth Rs 900 crore was okayed by the Cabinet Committee on Economic Affairs (CCEA).

In December 2003, the proposal was recommended by the Foreign Investment Promotion Board (FIPB) to the CCEA for approval. All investment proposals in excess of Rs 200 crore now goes to the CCEA for final clearance.

After today's meeting, the Finance Minister, P Chidambaram, told reporters that the FIPB had recommended Gabriel Trade and Investment's proposal for setting up a wholly-owned subsidiary to undertake the manufacturing of methanol. The approval would be subject to the condition that the company has to be registered under the Companies Act. However, the company will be free to select the location and will have to obtain an Industrial Entrepreneur Memorandum from Department of Industrial Policy and Promotion. The project would help in the manufacture of methanol used as building blocks for chemical products.

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