New Delhi, March 2
Cargill Holdings BV's Rs 218-crore investment plan for starting commodities trading in India was among the 38 FDI proposals totalling Rs 361.32 crore cleared by the Government on Thursday. Following the recommendations of the Foreign Investment Promotion Board (FIPB), the Finance Minister, Mr P. Chidambaram, also approved French insurer AXA's proposal to bring in its share of capital worth Rs 24.55 crore in the life insurance venture with telecom major Bharti.
Pilkington Italy of UK has got the green signal to set up a wholly owned subsidiary in Andhra Pradesh with an initial investment of Rs 58 crore to manufacture automotive glass products in India.
Mauritius-based Spectrum Technologies' FDI proposal of Rs 18 crore in Dynamic Generation Pvt Ltd has also been approved by the FIPB.
Red Hat to raise holding
IT company Red Hat of Ireland will increase its holding in the Indian arm from 60 to 100 per cent. Randox Laboratories of UK will expand its Indian operations for which it will invest Rs 15.5 crore.
Sur Tec International GmbH of Germany will invest about 1 million for starting a wholly owned subsidiary in India for carrying out surface treatment chemicals trading.
The US-based Fisher Scientific International Inc will pump in Rs 4.81 crore in Scientific Products India Pvt Ltd for undertaking trading activities.
Swedish firm Alfa Laval has got the clearance for increasing its investment in Indian arm Alfa Industrial Products for expansion.