India approves 22 investment proposals worth 460 M

Thursday, 26 December 2002, 08:00 Hrs
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NEW DELHI: The Indian government Tuesday approved 22 proposals for foreign direct investment (FDI) amounting to 460 million in a host of industrial sectors including software development, engineering and electrical components.

As part of the decision, the government cleared the proposal of the Mauritius-based Covanta Energy to invest 200 million for issuance of fresh shares in exploration major Great Eastern Energy Corporation Ltd.

The government also approved the proposal of Commercial Universe Pte Ltd. of Singapore to invest 10 million in Chennai-based Century Wells Roofing India Private Ltd. that manufacturers all kinds of sheets and steel structures.

The proposal of Britain-based Newage International Ltd. to invest 32.2 million in electric motors maker Newage Electrical India for increasing foreign equity from 38 percent to 51 percent has also been approved.

Source: IANS
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