India approves FDI offers worth Rs 1.5 B

By SiliconIndia   |   Friday, 27 June 2003, 07:00 Hrs
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The Indian government Thursday announced the approval of 25 foreign investment proposals worth Rs 1.5 billion.

NEW DELHI: The proposals cover a wide spectrum of industrial sectors including cash and carry wholesale trading in electrical and electronic products and appliances, and setting up of public data network for providing electric commerce, and Internet services.

The government cleared Singapore-based Borochemie International's proposal to set up a wholly owned subsidiary, Borochemie (India) Pvt Ltd, for import of boric acid and manufacture of boric acid powder.

China's Haier Electrical Appliances' proposal to set up a wholly owned subsidiary in Delhi with an investment of 300 million was also approved, said an official statement.

Haier's local arm will manufacture, sale, supply and conduct cash and carry wholesale trading in respect of electrical and electronic products and appliances, the statement added.

The government approved Mauritius-based Ganesha Limited's offer to set up a joint venture company for manufacture and cash and carry wholesale trading of garments and clothing with an investment of 10 million.

U.S.-based iGate Inc.'s proposal to acquire 95 percent equity of an Indian company at 2.4 million was also among other major foreign investment offers cleared by the government.

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