India clears 28 foreign investment proposals

Friday, 23 July 2004, 07:00 Hrs
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NEW DELHI: The Indian government Thursday cleared 28 proposals for foreign direct investment in the country worth 288.9 million ($6.24 million), an official statement said Thursday.

Most of the proposals pertained to chemicals, petrochemicals, catering, software and allied services sectors, the statement said.

The Foreign Investment Promotion Board had earlier approved the proposals.

Among the proposals cleared Thursday is one for 51.4 million ($1.11 million) to manufacture pharmaceutical ingredients and intermediaries, put up by Mauritius-based India Newbridge Partners FDI Ltd.

Another proposal from Sermo Montaigu ZA DE I'Esperance of France is for designing and manufacturing precision plastic injection and compression moulds at a total foreign investment inflow of 6.5 million ($140,493).

A bulk of the proposals cleared by Finance Minister P. Chidambaram involves zero or negligible foreign investment inflows.

Source: IANS
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