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Reliance Energy to bring in 50% foreign equity
By siliconindia
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Tuesday, 07 September 2004, 19:30 IST
NEW DELHI: Reliance Energy's proposal to bring in 50 per cent foreign equity in the company amounting to Rs 450 crore from Aranda Investments (Mauritius) Pte Ltd was among the proposals cleared by the Government on Thursday.
A total of 48 proposals involving foreign direct investment (FDI) worth Rs 793.9 crore were approved by the Finance Minister, P. Chidambaram, here today.
The proposal of Deutshe Asia Pacific Holdings Pte Ltd to invest Rs 225 crore and set up a holding company - Deutshe Holdings Pvt Ltd for financial investments too has been okayed by the Minister.
The Minister has also cleared Saint Gobain Weber SA's plan to set up a wholly-owned subsidiary - Saint Gobain India Ltd - for manufacture and sale of building material involving FDI worth Rs 30 crore.
The other proposals cleared today included German-based Carl Zeiss Stifling's plan to invest Rs 17.30 crore in Goa Optolab Private Ltd for manufacturing of ophthalmic glass.
A proposal from Allied Domecq Spirits and Wines (Overseas) Ltd to invest Rs 16.65 crore in its Indian subsidiary Allied Domecq Spirits and Wines (India) Ltd for blending and bottling of India made foreign liquor (IMFL) has also received the go ahead from the Government.