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Home arrow News arrow Business News arrow 21 Foreign Direct Investment Proposals amounting to Rs 1027.20 crore Approved
21 Foreign Direct Investment Proposals amounting to Rs 1027.20 crore Approved Print E-mail
Written by Viswanath   
Wednesday, 04 May 2011
New Delhi: The government has approved 21 Proposals of Foreign Direct Investment amounting to Rs. 1027.20 crore approximately, based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on April 20, 2011.

In the industrial policy and promotion category, a proposal by Honda Motors India Pvt. Ltd., to set up a vocational training institute for imparting technical and specialized education through relevant modular programme/courses in the areas related to automobile/supply chain and/ or in related fields was approved.

In the defence production category, a proposal by Maini Precision Products Pvt. Ltd., Bangalore, to undertake defence related additional activities of manufacture of parts and accessories of aircrafts, spacecrafts was approved. A proposal by Punj Lloyd Ltd., Delhi & Haryana, to undertake additional activities of manufacture, assembly and repair of defence equipment was also approved.

However a proposal by Park Controls & Communications Ltd., Bangalore for ex-post-facto approval for induction of foreign investment to carry out the defence related activity was rejected.

In the chemical and petrochemical category a proposal by Titan HMG Paints India Ltd, Coimbatore for ex-post-facto approval for induction of foreign investment in SSI unit, resulting in an inflow of Rs. 0.62 crores was approved.

In the power sector a proposal by ACB (India) Limited, Delhi for ex-post-facto approval for issue of warrants, resulting in an inflow of Rs. 120.16 crores was approved. The company is engaged in the business of coal washing and electricity generation.

In the Information and technology category, a proposal by 3DPLM Software Solutions Ltd., Mumbai to issue and allot equity shares as stated in the Scheme of Amalgamation and approved by the Hon’ble High Court of Bombay to carry out the business of development of software was approved.

A proposal by Goshi India Auto Parts Pvt. Ltd., Delhi & Haryana, to convert the Suppliers Credit (Machinery Loan) into equity shares to carry out the business of manufacturing and distribution of spare parts was deferred. Similarly, a proposal by Southern CNG Automobiles India Pvt. Ltd., Kolkata for induction of foreign equity in by a company from Bangladesh was also deferred.

A proposal by Haver Ibau India Pvt. Ltd. Mumbai to issue equity shares against trade payables to carry out the business of manufacturing of packing machines for valve-type or open bags, for loose powdery materials and liquids was rejected.

A proposal by NCBG Holdings, Inc., Cayman Islands for induction of foreign equity in an Indian company to undertake the manufacturing of wiring sets including wiring sets of a kind used in vehicles, aircraft, ships or other machinery used in defence industry was rejected.

A proposal by Kemrock Industries and Exports Ltd., Gujarat was withdrawn from the Agenda.

 
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