Industry & Economy
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Foreign Direct Investment
Encotra's plan to hike stake in Visa among 25 FDIs cleared
Our Bureau
New Delhi
,
March 28
THE Switzerland-based Encotra's proposal to increase its holding in the Kolkata-based Visa International from 21 per cent to 74 per cent with foreign direct investment (FDI) worth Rs 173.76 crore for undertaking coal mining was among the various FDI proposals cleared on Monday.
Simultaneously, the status of Visa International is being changed from a holding company to holding-cum-operating company.
A total of 25 FDI proposals involving FDI worth Rs 394.84 crore were okayed by the Finance Minister, Mr P. Chidambaram, today.
Metcoke Singapore Pte Ltd's plan to set up a wholly-owned subsidiary in India for manufacturing metallurgical coke involving FDI of Rs 70 crore was also approved by the Minister.
The US-based information technology company, Wyse Technology Inc's plan to invest Rs 66 crore for setting up a subsidiary company with up to 100 per cent foreign equity participation, for undertaking trading activities of Wyse products, too, was cleared by the Minister.
The Mauritius-based Uno Investments' plans to acquire 20 per cent stake each in the Chennai-based Shriram Overseas Finance Ltd, Shriram Transport Finance Company Ltd and Shriram Investments Ltd were also okayed by the Minister.
The Japan-based Honda Trading Corporation's plan to set up a wholly-owned subsidiary involving FDI worth Rs 4.16 crore and the UK-based Colorama Pharmaceuticals Ltd's plans to acquire up to 50 per cent stake in the Vadodara-based Osaka Pharma for Rs 4 crore, too, were given the go ahead by the Minister.
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