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FDI projects worth Rs 355 M cleared
Monday, 02 June 2003, 19:30 IST
NEW DELHI: India Friday cleared 21 foreign direct investment (FDI) proposals worth Rs 355.5 million in areas ranging from technology transfer to the manufacture of textiles.
Most of the projects approved by Finance Minister Jaswant Singh did not involve any fresh inflow of funds but pertained to change in the structure of the company, according to an official statement.
They included technology transfer for colour televisions, petrochemical projects, wholesale trading, surgical equipment, printers, cameras and software development.
The biggest proposal given the go-ahead is that of Singapore-based Advanced Mineral Asia Pte for picking up equity stake in Chennai-based Shri Vijaya Gimpex Mining Pvt. Ltd. The proposal will see an inflow of 
270 million.
Britain's Byways Ltd.'s plan to start wholesale trading in India through a joint venture, Cisco Systems' plan seeking clarification regarding activities and Mauritius-based advertising major WPP Holding's proposal to hike its stake in its Indian arm were other proposals involving negligible inflow of funds.
Despite an uncertain global scenario, India has been witnessing a rise in FDI inflow.
As against the FDI inflow of $3.9 billion in 2001-02, foreign investments rose by 40 percent to $5.4 billion in 2002-03.
A survey by the Federation of Indian Chambers of Commerce and Industry has revealed multinationals are still upbeat about investment potential in India despite drawbacks in infrastructure and red tape.
Source: IANS
270 million.
Britain's Byways Ltd.'s plan to start wholesale trading in India through a joint venture, Cisco Systems' plan seeking clarification regarding activities and Mauritius-based advertising major WPP Holding's proposal to hike its stake in its Indian arm were other proposals involving negligible inflow of funds.
Despite an uncertain global scenario, India has been witnessing a rise in FDI inflow.
As against the FDI inflow of $3.9 billion in 2001-02, foreign investments rose by 40 percent to $5.4 billion in 2002-03.
A survey by the Federation of Indian Chambers of Commerce and Industry has revealed multinationals are still upbeat about investment potential in India despite drawbacks in infrastructure and red tape.
Source: IANS