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Tyre major Michelin plan among 40 FDI proposals approved
Thursday, 05 February 2004, 20:30 IST
NEW DELHI: A proposal by Switzerland-based tyre major Compagnie Financiere Michelin for a joint venture with India's Apollo Tyres was among 40 foreign direct investments plans worth 
5.01 billion approved by the Indian government Thursday.
The major investment plans approved by Finance Minister Jaswant Singh on the recommendation of the Foreign Investment Promotion Board pertained to sectors like chemicals, petrochemicals, oil, cement, telecommunications and IT services, the finance ministry said.
Michelin got approval to bring in 3.23 billion for "induction of foreign equity up to 14.9 percent in an Indian company as well as setting up a joint venture company and payment of royalty and consultant fee".
In collaboration with Indian tyre major Apollo, the Swiss company plans to set up manufacturing operations at a still to be decided location.
In addition, the company will undertake marketing and distribution of truck and bus radial tyres and related products in India, the statement said.
Another major proposal approved Thursday was that of HSBC Asia Pacific Holdings (UK) Ltd "for foreign investment up to 40.07 percent by way of acquisition of equity shares held by the existing residents and non-residents" in UTI Bank Ltd.
The move is expected to see an investment inflow of 925.3 million.
Del Monte Pacific Ltd of Singapore and Del Monte Pacific Resources Ltd of British Virgin Islands, sister companies of processed food major Del Monte Pacific Group, got approval to set up a manufacturing unit in Mumbai.
The group owns the Del Monte brand in the Philippines and holds exclusive rights to produce and distribute food and beverage products under the brand in the Indian sub-continent.
The food company is planning a fully owned subsidiary in Mumbai with an investment of 400.7 million to manufacture, distribute and market processed foods and beverages products like ketchups, sauces and condiments, juices, jams and processed fruits.
Many proposals approved by the finance minister did not involve fresh inflow of funds while some would see only negligible additional inflows.
US-based Owens Corning World will bring in around 115 million to acquire foreign equity investment up to 100 percent by way of fresh issue and acquisition of existing resident initial subscriber's shares in its Indian subsidiary.
The company, through its Mumbai-based operations, plans to undertake manufacture, distribution and selling of fibre glass reinforcement fabrics and allied products.
Source: IANS
5.01 billion approved by the Indian government Thursday.
The major investment plans approved by Finance Minister Jaswant Singh on the recommendation of the Foreign Investment Promotion Board pertained to sectors like chemicals, petrochemicals, oil, cement, telecommunications and IT services, the finance ministry said.
Michelin got approval to bring in 3.23 billion for "induction of foreign equity up to 14.9 percent in an Indian company as well as setting up a joint venture company and payment of royalty and consultant fee".
In collaboration with Indian tyre major Apollo, the Swiss company plans to set up manufacturing operations at a still to be decided location.
In addition, the company will undertake marketing and distribution of truck and bus radial tyres and related products in India, the statement said.
Another major proposal approved Thursday was that of HSBC Asia Pacific Holdings (UK) Ltd "for foreign investment up to 40.07 percent by way of acquisition of equity shares held by the existing residents and non-residents" in UTI Bank Ltd.
The move is expected to see an investment inflow of 925.3 million.
Del Monte Pacific Ltd of Singapore and Del Monte Pacific Resources Ltd of British Virgin Islands, sister companies of processed food major Del Monte Pacific Group, got approval to set up a manufacturing unit in Mumbai.
The group owns the Del Monte brand in the Philippines and holds exclusive rights to produce and distribute food and beverage products under the brand in the Indian sub-continent.
The food company is planning a fully owned subsidiary in Mumbai with an investment of 400.7 million to manufacture, distribute and market processed foods and beverages products like ketchups, sauces and condiments, juices, jams and processed fruits.
Many proposals approved by the finance minister did not involve fresh inflow of funds while some would see only negligible additional inflows.
US-based Owens Corning World will bring in around 115 million to acquire foreign equity investment up to 100 percent by way of fresh issue and acquisition of existing resident initial subscriber's shares in its Indian subsidiary.
The company, through its Mumbai-based operations, plans to undertake manufacture, distribution and selling of fibre glass reinforcement fabrics and allied products.
Source: IANS