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Home arrow News arrow Business News arrow Government approves 19 FDI Proposals amounting to Rs 4340.77 crore
Government approves 19 FDI Proposals amounting to Rs 4340.77 crore Print E-mail
Written by Anand   
Thursday, 20 January 2011
New Delhi: The government has approved 19 Proposals of Foreign Direct Investment (FDI) amounting to approximately Rs. 4340.77 crore, based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 31, 2011.

This includes a proposal by Yorozu Corporation, Japan to set up a JV Company to  manufacture of chassis, suspension parts and other automotive parts at an investment of Rs. 140 crore.  The proposal attracts para 4.2.2.2 of Circular No. 2 of 2010 of the Consolidated FDI Policy.

A proposal by Lakshmi Machine Works Ltd., Tamil Nadu to undertake new activities of manufacture parts, components and accessories for aircraft and spacecraft to be supplied to civil and defence sectors has been approved.

A proposal by EADS Deutschland GmbH and L & T Ltd. Mumbai for the induction of foreign equity upto 26 per cent to carry out the business of manufacturing, distributing and marketing of products in the market segments of electronic warfare, military avionics, mobile systems (defence related) and radars has also been approved. An FDI inflow of Rs 7.8 crore is expected.

A proposal by JFE Shoji Trade Corporation, Japan to subscribe to the shares of an Indian company engaged in the business of manufacturing of various types of steel products has been approved.  The proposal attracts para 4.2.2.2 of Circular No. 2 of 2010 of the Consolidated FDI Policy. This entails an FDI inflow of Rs 38.39 crore (USD 8,577,919).

Tata Steel Limited's proposal to issue warrants as part of fund mobilization plan attracting an FDI of Rs 1100 crore has also been approved.

A proposal by Ennore Automotive Logistics Limited to make amendment in the FC approval to bring in new foreign investor in an Investing Company with an FDI of Rs 0.39 crore has also been approved.

A proposal by Rhodia S.A., France to set up a WOS to undertake the activities relating to manufacturing chemicals relating to polyamide meant for engineering plastics and silica has been deferred.  The proposal attracts para 4.2.2.2 of Circular No. 2 of 2010 of the Consolidated FDI Policy.

A proposal by Maini Precision Products Pvt. Ltd., Bangalore to undertake defence related additional activities of manufacture of parts and accessories of aircrafts, spacecrafts has also been deferred.

ABG Shipyard Ltd's proposal to enter into Defence Contracts was also deferred.

A proposal by Jubilant Aeronautics Pvt. Ltd for the induction of foreign equity to carry out the manufacturing of different types of Unmanned Aerial Systems (UAS) and accessories has been deferred.

 
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