India approves FDI proposals worth 2.22 billion

Wednesday, 23 July 2003, 07:00 Hrs
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NEW DELHI: Investment banking major J.P. Morgan International Finance's plans were among 44 foreign direct investment (FDI) proposals approved by India Tuesday.

Most of the proposals, worth over 2.22 billion, do not involve any fresh flow of investment, according to data provided by the finance ministry.

The biggest FDI proposal approved Tuesday is of U.S.-based J.P. Morgan International Finance to start non-banking financial activities in India with an investment of 1.75 billion.

Other investment proposals that were approved by Finance Minister Jaswant Singh pertained to design, sale and distribution of soft magnetic metals and components, setting up of public data networks for electronic commerce, internet services, setting up of hotels and non-banking activities.

Another major proposal was of Japan's Hitachi Metals Ltd. to set up a wholly owned subsidiary to design, manufacture and sell soft magnetic metals and components. The project envisages an investment of 200 million.

Japan's Suzuki Motor Corporation, which recently acquired management control of Indian automobile major Maruti Udyog Ltd., received approval for acquiring 51 percent stake in Integra Overseas Pvt Ltd.

The company has a unit in Haryana for manufacturing, marketing, selling and repairing two and three wheelers and allied products.
Source: IANS
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