India's okays 23 FDI proposals

Tuesday, 18 November 2003, 08:00 Hrs
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NEW DELHI: A proposal from global office automation major Pitney Bowes to set up a wholly-owned subsidiary was among the 23 foreign direct investment (FDI) plans the India government cleared Tuesday.

Worth 407.55 million, the proposals included a plan from U.S-based Healthscribe Inc. to acquire shares of resident shareholders in its Bangalore based subsidiary with an investment of 108.2 million.

They also included a Dubai-based British national's plan to take 50 percent equity in a Mumbai-based lifestyle products firm.

The major proposals approved by Finance Minister Jaswant Singh were in sectors like food processing, manufacture of engineering components, wholesale trading of hi-tech mail and document management systems as well as software development, the finance ministry said.

Pitney Bowes is planning to invest 230 million for a wholly owned subsidiary in the capital to start wholesale trading of hi-tech mail and document management systems, equipment and provide related after sales and support services.

Healthscribe Inc., which is engaged in development of computer software, is planning an additional 108.2 million investment to acquire shares of resident stakeholders.

Riken Corp of Japan has got the approval for raising its stake in the New Delhi based Shriram Pitons & Rings Ltd. from 18.50 percent to 27.3 percent with an additional investment of 40.5 million.

The U.S.-based Ashco Enterprises Incorporated has got the go-ahead for a 26 percent stake in Agreen Hashco Pvt. Ltd. for setting up a pineapple-processing unit at Kannur, Kerala.

The foreign equity will see an inflow of 10.4 million.

Herman Roy Gomez, a British national residing in the United Arab Emirates, will be investing 10 million to take 50 percent equity stake in the Mumbai-based Three Sixty Lifestyle Pvt. Ltd.

The lifestyle company is engaged in wholesale trading of high quality, diverse lifestyle products like footwear, apparels and accessories, the finance ministry said.

During April-June, India witnessed a net foreign investment inflow of $2.8 billion as against $1.1 billion during the same period last year.

However, FDI inflows during the first six months of the current fiscal year were lower at $0.99 billion compared to $1.56 billion during April-September last year, according to the Reserve Bank of India.

Source: IANS
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