NEW DELHI: Food products major Nestle's proposal will not involve any fresh flow of investment, according to the commerce ministry. Major investment proposals cleared by Disinvestment and Commerce Minister Arun Shourie pertain to sectors like automobile components, manufacture of textile machinery and spinning ring frames, construction and material holding machinery, tourism and software development. Several proposals did not involve any fresh investment. The biggest proposal cleared was of J. C. Bamford Excavators Ltd of Britain, which is seeking to raise foreign equity in its Faridabad-based joint venture from 60 percent to 100 percent with a fresh infusion of 1.06 billion. J. C. Bamford Excavators has a manufacturing unit for construction and material holding machinery at Ballabgarh in Haryana. Among other proposals cleared are one Toyota Automatic Loom Works Ltd of Japan, which has got permission to increase its foreign equity in Kirloskar Toyota Textile Machinery Ltd, based in Bangalore, with a fresh investment of 310 million. Germany's HP Chemie Pelzer, manufacturers of automobile components, has received the nod to acquire 9.7 million equity shares of 10 each in its Indian joint venture Uni Products India Ltd. Bucking the global trend, India is continuing to attract FDI though there has been some slowdown compared to last year, the finance ministry admitted in its mid-year review released Tuesday. During the five-month period of the current fiscal from April to August, FDI inflows totalled $1,358 million, 7.55 percent lower than the $1,469 million in the corresponding period last year.
Source: IANS