Foreign investment worth $67-million cleared

Tuesday, 25 January 2005, 08:00 Hrs
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NEW DELHI: An application from Kansai Paints of Japan to acquire unspecified stake in Mumbai-based Goodlass Nerolac for $22 million is among 30 proposals of foreign investment cleared by Finance Minister P. Chidambaram.

The proposals, some with no fiscal implication, entail net foreign investment inflow of 3.05 billion ($67 million) in sectors including chemicals, IT, telecom, agriculture, finance and energy, an official statement said Tuesday.

The Foreign Investment Promotion Board (FIPB), in a meeting Jan 13, cleared the proposals and recommended it to the finance minister for approval.

Among the applications cleared by Chidambaram is one from California's Farallon Capital Management for acquiring fresh equity in Indiabulls Credit of New Delhi for non-banking financial services.

The finance minister also cleared a 453-million proposal from Visa Comtrade of Switzerland to increase stake in its Indian arm - engaged in chrome grinding, steel making and captive energy generation - from 47 percent to 74 percent.

Another application from Toyo Denso of Japan to set up a wholly owned subsidiary with an equity of 280 million to manufacture components and accessories for automobile industry was also cleared by the finance minister.

Source: IANS
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