Industry & Economy
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Foreign Direct Investment
Visa Comtrade among FDI proposals cleared
Our Bureau
New Delhi
,
June 9
SWITZERLAND-based Visa Comtrade's plan to increase its holding in Kolkata-based Visa Industries Ltd, engaged in steel manufacturing, from 39.6 per cent to 47.41 per cent involving foreign direct investment (FDI) worth Rs 19 crore was among the FDI proposals approved by the Minister for Finance and Company Affairs, Mr P. Chidambaram.
A total of 28 FDI proposals involving FDI worth Rs 61 crore have been okayed by the Minister.
Along with allowing Visa Industries to bring in FDI from Visa Comtrade, the Minister has also approved Visa International's plan to bring in Rs 17.50 crore from Encotra AG of Switzerland for setting up a holding company.
Citibank Overseas Investment Corporation's plan to acquire shares of e-Serve International from public shareholders involving FDI worth Rs 6.89 crore has also received the go ahead from the Minister.
The Minister has also permitted Yamaha Motors to change their technology agreement with the parent company as well as Volvo Trucks has been allowed to amend their activity clause.
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