Scottish beer major among 15 investment proposals cleared

Tuesday, 03 December 2002, 20:30 IST
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NEW DELHI: Brewery major Scottish & Newcastle Plc and Jashanmal National Company, a pan-Gulf corporation headquartered in Abu Dhabi, were among 15 foreign direct investment proposals worth 4.9 billion India cleared Monday. Scottish & Newcastle Plc received approval for setting up a wholly owned subsidiary with an investment of 4 billion to provide technical consultancy for manufacture, marketing and distribution of beer and allied products and downstream investment, according to the commerce ministry. The UAE-based Jashanmal, which operates as a wholesaler and distributor of major international brands with a chain of retail and department stores in the Middle East, has got approval for plans to pick up 51 percent equity in Mumbai-based Media Star Private Ltd. The company will bring in an investment of 4.3 million and would import distribute newspapers, books, magazines, journals and periodicals, and act as media concessionaries and advertising agents. The proposals, approved by Commerce Minister Arun Shourie pertain to sectors like wholesale trading, manufacture of confectionary, and consultancy projects, the commerce ministry stated. Scovill Fasteners Inc of the U.S. has got the go ahead to set up a warehouse in Tirupur, a garment manufacturing hub in Tamil Nadu, to carry out wholesale trading of apparel and industrial fasteners. The company will be investing 320 million to set up a wholly owned trading subsidiary. ETA Mauritius, an engineering major that operates as mechanical engineers and general contractors, has got approval to increase its paid up capital through fresh equity shares worth 10 million. The company has a subsidiary based in Chennai. Jurong Infra Global Plc of Singapore has got the green signal for a wholly-owned subsidiary in Bangalore with an investment of 273 million for undertaking designing, engineering, procurement and construction activities, project management and consultancy. Bucking global trends, India has been witnessing good inflow of FDI this year and is expected to cross last year's figure, having registered a 60 percent increase in the first half.
Source: IANS