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Our Bureau

New Delhi, Dec. 4 The Finance Minister, Mr P Chidambaram, has approved 16 foreign direct investment (FDI) proposals including that of Continental AG, W.Lucy & Co, HIPE Transport Ventures, Dolce & Gabbana, South Asia Multimedia Technologies and Grupo Omnilife.

The total foreign direct investment (FDI) approved in the 16 cases stood at Rs 647.47 crore. These proposals were recommended by the Foreign Investment Promotion Board (FIPB) at its meeting held on November 30.

Also, decision on ten cases including the proposals of MAHLE GmbH of Germany (to set up a wholly-owned investment/holding company), B.A.G. Films and Blackstone Capital Partners (investment of up to 26 per cent in Ushodaya Enterprises (Eenadu Group)) have been deferred.

While Continental AG proposes to bring in Rs 55 crore to set up a new joint venture company to manufacture hydraulic brake system for passenger cars and light trucks, W. Lucy & Co intends to bring in Rs 64 crore for setting up a wholly-owned subsidiary to undertake manufacture of electricity distribution and control equipment for export.

The Finance Minister also approved the proposal of HIPE Transport Ventures Private Ltd for infusion of Rs 88 crore in an investment/holding company engaged to develop ventures relating to infrastructure like development of ports, transportation and logistics.

The proposal of South Asia Multimedia Technologies Ltd, Mauritius to pick up 6.98 per cent in South Asia FM Ltd, a subsidiary of Sun TV Network Ltd and engaged in FM broadcasting services, for Rs 25 crore received the nod of the Finance Minister.

Sistema Joint Stock Financial Corporation’s (Russia) plan for stake increase in Shyam Telelink Ltd, a company engaged in telecom services, up to 74 per cent from 10 per cent was also cleared. The FDI component in the proposal was Rs 187 crore.

Mexico’s Grupo Omnilife proposal to establish a wholly-owned subsidiary to test market, manufacture, sell and distribute its proprietary nutritional food supplements and cosmetic products in India was approved by the Finance Minister. The FDI involved in this proposal was Rs 86 crore.

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