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FIPB clears 21 FDI proposals amounting to nearly Rs. 84.90 Crore |
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Written by Satish
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Thursday, 02 July 2009 |
New Delhi: Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 19, 2009, the government has approved 21 Proposals of Foreign Direct Investment amounting to Rs. 84.90 Crore (approx). Fourteen proposals have been deferred and Seven proposals have been rejected.
In the Heavy Industry category, a proposal by Kusakabe Electric Machinery Co. Ltd., Japan to set up a Wholly Owned Subsidiary (WOS) to carry out activities relating to manufacturing of machinery for tube & pipe mills and other associated equipment, has been approved.
This is expected to attract an FDI of Rs. 5.00 Crore.
In the Steel industry category, a proposal by Metal One Corporation, Japan, to set up a Joint Venture to undertake the activities relating to slitting, shearing, leveling, blanking, oiling, and core cutting of ESS and non-ESS flat steel; and sale of the ESS and non-ESS flat steel, was approved and is expected to attract FDI of Rs. 5.14 Crore.
A proposal by Blaser Swisslube India Pvt. Ltd., to delete the condition of test-marketing and accord approval for temporary exemption from manufacturing activity and allow them to continue only with the business of cash and carry wholesale trading was rejected. |
