India clears 41 investment proposals worth Rs 2.06 B

India clears 41 investment proposals worth Rs 2.06 B

Wednesday, 27 November 2002, 08:00 Hrs   |    12 Comments
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India Tuesday cleared 41 foreign direct investment proposals worth 2.06 billion. This included Suzuki Motor Corporation's plan to set up an aluminium foundry plant with an investment of 120 million.

NEW DELHI: Suzuki will acquire a 51 percent stake in the plant, to be set up in joint venture with Maruti Udyog Ltd. Scheduled to come up in Gurgaon, on the outskirts of the Indian capital, the plant will manufacture aluminium castings for various applications including automobiles.

According to a statement by the commerce ministry, the major proposals cleared by Commerce and Industry Minister Arun Shourie Tuesday pertained to sectors like biotechnology, telecommunications and manufacture of electrical components. Information technology and software development, consultancy, and non-banking financial services also find a mention.

Siemens of Germany got approval for increasing its equity in Mumbai-based VXL Landis & GVR Ltd from 87.26 percent to 100 percent with a fresh infusion of 250 million. VXL Landis & GVR Ltd are manufacturers of specialised electric meters and control panels.

Mauritius-based South Asia Regional Fund's (SARF) proposal to hike foreign equity from 44.7 percent to 57 percent in the Secunderabad-based Satyam Infoway at a cost 650 million has also been cleared.

Cargill International Trading Pvt Ltd of Singapore has been given permission to set up trading and consultancy services through a wholly owned subsidiary that will see an investment of 250 million.

London-based Travalex Plc has received the go ahead for setting up a wholly owned forex broking and money changing business with an investment of 400 million.

"Despite an estimated 27 percent decline in global FDI inflows this year, India has witnessed a 60 percent increase in the first half of this year," Industry Secretary V. Govindarajan said here Tuesday at a session on FDI at the India Economic Summit.

India is examining a proposal to change some of the laws to bring the definition of FDI in conformity with the International Monetary Fund(IMF). Under the proposal reinvested earnings, subordinated debt and overseas commercial borrowings would be included in the tally.

Going by the current definition India's highest FDI inflow has been only around $4 billion, as against China's of over $44 billion.
Source: IANS

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Reader's comments(12)
1: very very good initiative..
I also feel so and want to change life of those who really don't have anything and crave for a satisfied life. We can't be a good human being until such people are there in our surroundings, we must help them achieve a good life. If we have really a little bit love for our country then we must help these people because if we really want to make our country developed, then how is this possible being such people in the country.

But all we r talking is worthless until some serious step be not taken.
Posted by:Sanjeev Kumar Gupta - 24 Sep, 2009
2: Dear Mr. Sushanta Roy,
This is life, and since god has given us the life, we are bound to have problems, that is only due to us, and that is our sanskaras.
If we want to avoid such problems and to have better life in the future, or for the next life, we must follow the better path, the spiritual path, so that our sanskaras are removed, and our soul becomes refined, sotat our heart is transparat, and clear. so that we donot bound to any bondages, and our life becomes smooth, without problems.
Posted by:Sanjay Chavda - 23 Sep, 2009
3: This is good. We must be sensitive enough to feel and know that that the way things are, need not be and that they can be changed. That in doing that we would be reaching out to the under privileged and providing the means of alleviating their immediate and daily needs.

It all begins with a thought and when it is pursued it germinates into practical ideas and when these are implemented, change is the result.

There are numerous NGOs that operate in the areas of your concern align with them with your resources and I'm sure that you will find it very fulfilling. You will also be able to meet and make friends with like minded people it will also speak to you about the enormity of the tasks ahead.

Change - it must begin with an individual first before it can become a mass movement.

God bless you in your endeavour.


Posted by:Raj Sinha Roy - 21 Sep, 2009
Thanks a lot. I must appreciate your feelings. I wanted to put up my feelings here not to raise any issue towards our civil society. Yes you are absolutely right that there are a lot of NGOs who are working for them along with their dedication and full of commitment. But I am here to build up a mind set which can put up a thought of feelings and which can help these poor people. If we can feel for them then we can contribute at least 1% of our earnings. It may be anyone from our known person. May be ur servants daugter or son who cant go to a school or a person whom u have seen that he or she cant go to a doctor for his or her illness. Awareness program is really required otherwise we are forgeting that we are human being. Mindset has to be framed out in a manner where we can give a thought to these people with our feelings of human being.
Sushanta Roy Chowdhury Replied to: Raj Sinha Roy - 21 Sep, 2009
5: its good u are talking about being human,helping.......then how should we help these people,by giving away money?i dont think thats a nice idea,it makes them lazy.then how should we help them?may be by a job,which will be a continuous source of to give a job?,by establishing more companies.then who establishes them? do the people u call human will go for establishing companies? no, greedy paople.they create wealth,not just for them but for entire society.ambanis,tatas,premji all are greedy people....
Posted by:subba reddy polimera - 19 Sep, 2009
I dont know nothing about you but can say one thing please dont close your eyes rather open your eyes. We all are greedy in nature so in every respect we are always thinking about moneytary gain or loss. Cant we stop for a moment? please and try to understand the problem of others. And creating a job is really a good thinking but after opening up of a new company hardly these people get a chance to work cause they cant feed themself and you are thinking about they will come to you for a job, not possible for them cause they are really poor (COMMUNICATION EXP IS A GREAT DEAL FOR THEM AND DRESS IS LUXURIOUS FOR THEM TOO). Anyway thanks for your comments.
Sushanta Roy Chowdhury Replied to: subba reddy polimera - 21 Sep, 2009
7: Then what is your contribution/solution to counter these problems?

Kishore K
Posted by:kishore vln kanduri - 19 Sep, 2009
I always try to help with my little bit contribution whereever I feel, and if you ask me about solution I urge all the people to contribute atleast 1% of their earning to the needy people of the society according to their feeling and justication.
Sushanta Roy Chowdhury Replied to: kishore vln kanduri - 21 Sep, 2009
9: I too share your evocative words.
Posted by:sivasankar sivasankar sivasankar - 19 Sep, 2009
Sushanta Roy Chowdhury Replied to: sivasankar sivasankar sivasankar - 21 Sep, 2009
11: Really good blog.. Every have to think abut this..ples forwared this blog to evry one..
Keep it uP
Posted by:Sakthi PrabhuGS - 18 Sep, 2009
Thank you very much.
Sushanta Roy Chowdhury Replied to: Sakthi PrabhuGS - 21 Sep, 2009