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10 proposals worth Rs 2,339 crore get approval

Our Bureau

New Delhi, July 4 Morgan Stanley Mauritius Company Ltd’s proposal to invest Rs 1,894.41 crore in its Indian subsidiaries Morgan Stanley India Securities Private Ltd and Morgan Stanley Investment Management Private Ltd was among the foreign direct investment (FDI) proposals approved by the Government on Wednesday.

The funds would be used to undertake businesses in the fields of securities sales, trading and broking, merchant banking and corporate advisory services and other NBFC activities.

A total of 10 FDI proposals involving FDI worth Rs 2,339 crore was approved by the Finance Minister, Mr P. Chidambaram, here today.

The proposal from the Chennai-based Rakindo Developers Private Ltd to bring in FDI worth Rs 407.11 crore for setting up a joint venture company which would act as a holding company for downstream investments in construction development projects too was cleared by the Government.

The proposal from Japanese company Furukawa Electric Company Ltd to set up a joint venture company with 51 per cent foreign equity to undertake designing, developing, manufacturing, assembling, marketing, selling and servicing of wire harness for two wheelers and above automobiles involving FDI worth Rs 19.63 crore also received the Minister’s clearance.

Trivikram Construction and Developers Private Ltd’s plan to convert b-IQ Technologies Private Ltd from an operating company to an operating-cum-holding company for making downstream investments for construction development and IT part projects involving FDI amounting to Rs 12 crore was also cleared by the Minister.

The Netherlands-based EMAP Publishing, the publishers of Car India, plan to bring in FDI worth Rs 4.81 crore was also approved by the Government.

DaimlerChrysler India Private Ltd’s proposal to extend its product range and business line also has received clearance from the Government.

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