Business Daily from THE HINDU group of publications
Friday, Oct 05, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Oct 05, 2007 ePaper |
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Industry & Economy
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Foreign Direct Investment Corporate - Alliances & Joint Ventures
Our Bureau New Delhi, Oct. 4 Maruti Suzuki India Ltd’s proposal to set up a joint venture with Japan-based Futaba Industrial Co, for manufacture and sale of exhaust system components for automobiles with FDI inflow of Rs 45.9 crore, was among 13 FDI proposals worth Rs 393.3 crore, approved by the Government today. The Finance Minister, Mr P. Chidambaram, approved the proposals on the basis of recommendations by the Foreign Investment Promotion Board (FIPB), an official statement said. Bulk inflowA proposal by Aster Infrastructure Pvt Ltd, Secunderabad, involving FDI inflow of Rs 232.5 crore, accounted for bulk of the FDI inflow. Power sector company KVK Energy and Infrastructure Pvt Ltd’s proposal to bring up to 70 per cent foreign stake will see an FDI flow of Rs 97.06 crore. It will make investments in downstream operating companies engaged in implementation of power sector projects. Approved proposalsThe Government also cleared the proposal by a BPO arm of Citigroup to form a subsidiary to make investment in SEZ units. Proposals of Premier Travel Inn India Ltd, UK; Denso Kirloskar Industries Ltd; and MTV India Ltd have been sent to Project Approval Board as these proposals pertain to royalty payments for technology transfer or brand payments only. No FDI is involved in these proposals. In the case of three other companies — Devas Multimedia Ltd, Manipal Universal Learning Ltd, Bangalore, and IBSS Techno Park Ltd — the applicants have been asked to approach the RBI since the proposals were for ‘post facto approval’ and regularisation of past violations of FDI policy. The Government also approved a proposal by media company Bloomberg involving undertaking additional activities of downlinking and also increase in paid up capital. The FIPB has rejected a proposal that a subsidiary of financial services firm Bear Stearns Companies Inc be given two more years to increase the paid up capital of Ford Automotive Finance Co India, where it wants to acquire a 100 per cent stake. More Stories on : Foreign Direct Investment | Alliances & Joint Ventures | Automobile Components | Maruti Udyog Ltd
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