21 FDI proposals worth Rs 932.6 M cleared

Wednesday, 21 May 2003, 07:00 Hrs
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Proposals by iSolutions Inc and the Bank of New York for transferring shares of resident and overseas corporate bodies to non-resident investors were among the 21 foreign direct investment (FDI) proposals cleared by India Tuesday.

NEW DELHI: The approvals, many of which involve no fresh investment, would see a FDI inflow of 932.6 million, according to the finance ministry.

Finance Minister Jaswant Singh has given approval to iSolutions Inc and its joint venture partners to transfer shares to non-resident investors in a move that will see inflow of 306.3 million.

Singapore's Thomson Multimedia Asia Pte has been given the go ahead to increase its stake in the Chennai-based Thomson Multimedia India Private Limited from 86 percent to 89.11 percent with an investment of 200 million.

The major proposals approved by Singh pertain to introduction of technology for colour televisions, videocassette recorders, audio products, communication products, software development and stock broking.

Another Singapore based company Deutsche Asia Pacific Holdings Pte Ltd has been given approval to set up stock broking operations in Mumbai with 74 percent foreign equity stake involving an investment of 240 million. General Motors Acceptance Corporation of the U.S. has been given the go ahead to increase the foreign equity in its Chennai-based Indian operations with an investment of 95.6 million.

The company provides the full range of services from leasing, fleet financing and fleet management including providing financing accommodations to dealers, fleet operators and vehicle rental companies and other retail and corporate customers for financing the purchase of vehicles.

India has been witnessing a rise in FDI inflow despite the uncertain global scenario. As against $3.9 billion FDI inflow in 2001-02, India witnessed a 40 percent rise to $5.4 billion in 2002-03.

Source: IANS

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