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Our Bureau

New Delhi , Nov. 2

THE Finance Minister, Mr P. Chidambaram, has approved 57 foreign direct investment proposals recommended by the Foreign Investment Promotion Board (FIPB) in its meeting held on October 25.

According to an official statement, the approvals amount to around Rs 633.98 crore. The major investment proposals pertain to bio-technology, chemicals and petro-chemicals, import and wholesale trading, food processing, industry, information technology and immigration consultancy.

Among the major proposals cleared in the meeting was: Hutchison Max Telecom Ltd proposal to consolidate all group telecom entities under one single entity, and Chinese motorbike major Chongqing Lifan Industry's proposal to set up a wholly-owned subsidiary for assembling motorcycle engines.

Other important proposals approved were Sanofi Aventis' proposal to increase foreign equity in Aventis Pharma to 70.1 per cent through an open offer, the proposal to merge Bunge Agribusiness India Pvt Ltd into Geepee Ceval Proteins & Investment Pvt Ltd, and Henderson's proposal to increase foreign equity in HT Media to 26 per cent.

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