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 Industry & Economy - Foreign Direct Investment


Xerox Modicorp among 42 FDI proposals cleared

Our Bureau

New Delhi , Aug. 9

THE Government on Monday approved Xerox Modicorp Ltd's proposal to bring in foreign direct investment (FDI) worth Rs 95.69 crore into the company.

The Xerox proposal was among the 42 FDI proposals cleared by the Government today involving a total FDI worth about Rs 360.6 crore.

The proposals, pertaining to the sectors of chemicals and petrochemicals, bulk imports with ex-port/ex-bonded warehouses sales, health, consultancy, tourism and software development, were cleared by the Finance Minister, Mr P. Chidambaram, based on recommendations by the Foreign Investment Promotion Board (FIPB), an official release said here.

The Rs 134.40-crore proposal of AAPC (Thailand) for setting hotels in India, Nepal, Sri Lanka and Bangladesh and other tourism related activities, was also cleared.

The Government also cleared Rs 14.04-crore FDI proposal of Monster Worldwide Inc for acquisition of shares of Indian shareholders.

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