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23 investment proposals worth Rs 1.07 B cleared
Thursday, 02 January 2003, 20:30 IST
NEW DELHI: Germany's Bayer Crop Science and French plastic lens manufacturer Essilor International proposals to increase equity in their Indian subsidiaries were among 23 foreign direct investment (FDI) plans worth 
1.07 billion approved Tuesday.
Bayer Crop Science got the go ahead to increase its foreign equity in Aventis Crop Science, dealing in manufacture of fertilisers and pesticides, from 67.08 percent to 100 percent with fresh investments of 740 million.
Essilor got the nod to increase equity in its Karnataka-based subsidiary from 92.7 percent to 94.32 percent, with a fresh investment flow of 127.6 million.
According to the commerce ministry sources, most of the proposals cleared by Commerce and Industry Minister Arun Shourie did not involve fresh flow of investment.
Major FDI proposals cleared related sectors include chemicals and petro-chemicals, manufacture of fertilisers and pesticides, petroleum and natural gas, manufacture of bio-mass-based products and software development.
Other major proposals included Mauritius based Coflexip Stena Offshore, dealing in construction and diving services to the oil and gas industry, raising its foreign equity in the Indian subsidiary Peerless Shipping and Oil Field Services Ltd from 58.24 percent to 78.24 percent with an investment of 67.8 million.
London-based Gold Plex Ltd has got the approval to take 86.66 percent equity stake in Delhi-based Maharani Tours Pvt. Ltd. with an investment of 2.6 million.
G3 Worldwide Aspac Pte of Singapore has received the go ahead for setting up a fully owned subsidiary in Mumbai to provide direct mail logistics services including packaging of publications, backroom solutions and print services. The company is planning an investment of 25 million in the new venture.
Bucking global slowdown, India has witnessed a growth in FDI inflows. During 2001-02 India received inflows of $4.06 billion (excluding global shares) as against $2.46 billion in 2000-01, indicating a growth of 66 percent.
The upward trend in FDI inflows has been sustained during the current fiscal with inflows of 139.71 billion from April-August.
Source: IANS
1.07 billion approved Tuesday.
Bayer Crop Science got the go ahead to increase its foreign equity in Aventis Crop Science, dealing in manufacture of fertilisers and pesticides, from 67.08 percent to 100 percent with fresh investments of 740 million.
Essilor got the nod to increase equity in its Karnataka-based subsidiary from 92.7 percent to 94.32 percent, with a fresh investment flow of 127.6 million.
According to the commerce ministry sources, most of the proposals cleared by Commerce and Industry Minister Arun Shourie did not involve fresh flow of investment.
Major FDI proposals cleared related sectors include chemicals and petro-chemicals, manufacture of fertilisers and pesticides, petroleum and natural gas, manufacture of bio-mass-based products and software development.
Other major proposals included Mauritius based Coflexip Stena Offshore, dealing in construction and diving services to the oil and gas industry, raising its foreign equity in the Indian subsidiary Peerless Shipping and Oil Field Services Ltd from 58.24 percent to 78.24 percent with an investment of 67.8 million.
London-based Gold Plex Ltd has got the approval to take 86.66 percent equity stake in Delhi-based Maharani Tours Pvt. Ltd. with an investment of 2.6 million.
G3 Worldwide Aspac Pte of Singapore has received the go ahead for setting up a fully owned subsidiary in Mumbai to provide direct mail logistics services including packaging of publications, backroom solutions and print services. The company is planning an investment of 25 million in the new venture.
Bucking global slowdown, India has witnessed a growth in FDI inflows. During 2001-02 India received inflows of $4.06 billion (excluding global shares) as against $2.46 billion in 2000-01, indicating a growth of 66 percent.
The upward trend in FDI inflows has been sustained during the current fiscal with inflows of 139.71 billion from April-August.
Source: IANS