The Hindu Business Line : ABN Amro among 21 FDI plans cleared

ABN AMRO Bank's proposal to set up a subsidiary company to undertake asset, portfolio and investment management and advisory services was among the 21 FDI proposals cleared by the Minister for Finance and Company Affairs, Mr Jaswant Singh, on Thursday involving FDI worth Rs 39.46 crore. The ABN Amro subsidiary company will have 75 per cent foreign equity participation involving foreign direct investment (FDI) worth Rs 25 crore.

The other proposals pertain to investments in manufacture of auto components, import and distribution of verified and ceramic floors and wall tiles and sanitary wares, poultry and animal feeds and development of software services.

Singapore-based Japfa Comfeed International Pte Ltd has also been permitted to undertake poultry activities through subsidiary company Japfa Oberoi Agro Limited involving investment worth Rs 5.78 crore.

Japan-based Mitsuba Corporation has also received the Minister's clearance to undertake manufacture of auto components through its subsidiary company Mitsuba Sical India Limited involving FDI worth Rs 2.10 crore. UAE-based RAK Ceramics too has been permitted to undertake import and distribution of ceramic floor and wall tiles and sanitary wares and their matching accessories through a joint venture company involving FDI worth Rs 2.40 crore.

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