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Govt. approves 17 FDI Proposals amounting to Rs. 4551.05 Crore |
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Written by Anand
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Thursday, 03 December 2009 |
New Delhi: The Government has approved 17 Proposals of Foreign Direct Investment, based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on November 20, 2009. The proposals amount to inflows of Rs. 4551.05 Crore approximately.
In the Heavy industry sector, a proposal by IMC International Metalworking Companies B.V., Netherlands to set up a wholly owned subsidiary to undertake the business of Import and wholesale trade, manufacture, tool management services, and other related services, was approved.
In addition to this, a proposal by Lemken Landtechnik GmbH, Germany to acquire 100% equity shares of the Indian company engaged in the activities of manufacturing of agricultural equipments/ implements and ancillary equipments/ machinery, was also approved. The company is expected to invest Rs. 11.90 crores.
However, the proposal by Eads Deutchland GmbH (EADs), Germany and Larsen & Toubro Limited (L&T), Mumbai to incorporate a manufacturing Joint Venture company to undertake the production of defence equipment (manufacture of arms and armaments) was rejected.
A proposal by Alstom Power Holdings SA, France, Alstom Technology Ltd., Switzerland & Alstom SA, France was recommended for the consideration of CCEA, since the project cost exceeds Rs. 600.00 Crore. The proposal relates to the establishment of two JV companies in India. The company intends to invest in 51% of the post issued paid up share capital of one JV and 49% of post issue paid up share capital of the second JV. This is expected to generate FDI inflows of Rs. 490 crores. |
