NEW DELHI: Bridgestone has got approval to increase its equity in the Madhya Pradesh based subsidiary from 90 percent to 100 percent with a fresh infusion of 666 million. Most of the proposals approved by Commerce Minister Arun Shourie do not involve any fresh flow of funds, according to the commerce ministry. The proposals cleared pertain to sectors like manufacture of pneumatic rubber tyres, power plants, software development, consultancy and services. United Arab Emirates based United Motors and Heavy Equipment Co LLC has got the go ahead to set up trading activities in Bangalore as a 75 percent foreign equity partner. The new venture, which will see investment inflow of 3.75 million, will undertake import-export and marketing of construction equipment and spares. Indonesia-based Pt Adijaya Guna has got approval for setting up cash-and-carry wholesale trading of agricultural commodities and products, animal feed and supplements, and equipments and spares related with the dairy and poultry industry. The new venture will see investment inflow of 150 million. Global telecom equipment major Nokia has got green signal for wholesale trading, while Knight Frank and Rutley of Britain has been allowed to increase foreign equity in its Indian venture from 33.96 percent to 74 percent. Providing consulting in real estate, the British company will be bringing in fresh investment of 9.6 million. Bio Development International Inc of the U.S. is planning to set up a 14 MW biomass based power plant. It has got approval to set up wholly owned operations with an investment of 41.3 million. Bucking the global slowdown, India has been witnessing a growth in FDI inflows. During 2001-02, India received inflows of $4.06 billion (excluding global shares) as against $2.46 billion in 2000-01, a growth of 66 percent. The upward trend in FDI inflows has been sustained during the current fiscal with 139.71 billion being received during April-August.
Source: IANS