NEW DELHI: The Dutch bank is proposing setting up an Indian subsidiary in Mumbai with 75 percent foreign equity participation to offer asset management, portfolio management, investment management and advisory services, according to the finance ministry. The biggest investment plan among proposals approved Thursday, ABN Amro Bank move will entail an investment inflow of 250 million. Among other major proposals approved is that of UAE-based Ras Al Khaimah Ceramics to set up a joint venture company in India to handle import and distribution of vitrified and ceramic floor, wall tiles, sanitary wares and matching accessories, according to the official statement. The Indian subsidiary of the company is under incorporation in Mumbai. Singapore-based Japfa Comfeed International Pte Ltd has got approval to transfer shares worth 57.8 million of its New Delhi-based subsidiary Japfa Oberoi Agro Ltd from resident shareholders to non-resident shareholders. The company has operations in Maharashtra dealing with poultry and poultry products and compound animal feed. Another Singapore based company, Nera Telecommunications Ltd, has got the nod for foreign equity participation up to 100 percent in its Indian subsidiary dealing with telecommunications and IT/Data communication equipment. The proposal is for investment of 15 million. Mitsuba Corp of Japan, which manufactures auto components such as wipers, wiper motors and washer pumps, has also got the go ahead to transfer 21 million worth shares of resident shareholders in its Chennai-based subsidiary Mitsuba Sical India Ltd to non-resident shareholders. International Air Transport Association of Canada has got approval for setting up a wholly owned subsidiary with an investment of 5 million. Most of the proposals approved by the finance minister on the recommendations of the Foreign Investment Promotion Board (FIPB) did not involve fresh inflow of investment. Some of the other investment proposals pertained to the manufacture of auto components, healthcare services, non-banking financial activities and computer software.
Source: IANS