FDI proposals worth Rs 135 crore cleared

Our Corporate Bureau/ Agencies

New Delhi, Aug 21: UNION minister of commerce and industry Murasoli Maran has cleared 29 foreign direct investment (FDI) proposals worth Rs 135 crore, including the Rs 76.5-crore project of the Mauritius-based Emerson Electric.

The company had sought government approval for manufacturing, selling and marketing uninterruptible power supply, access control and close-control air conditioning system. The project includes foreign investment up to 50 per cent, according to an official statement.

Mr Maran has also approved setting up of merchant banking by Australia and New Zealand Banking group with an investment of Rs 23 crore with FDI limit up to 75 per cent.

Another major proposal approved by the government was development of leisure and amusement industry with 100 per cent FDI to the tune of Rs 14.10 crore by Mohammed Al Otaiba group of Abu Dhabi, the statement said.

Most of the 29 proposals approved by Mr Maran are from areas of electrical and engineering industry, tourism and merchant banking. Proposals were cleared by Mr Maran on the recommendation of the FIPB.

M/S Mandvi international’s proposal for export trading involving foreign investment of Rs 4.09 crore has also been approved by the commerce minister. Sandvik AB of Sweden would be converting its external commercial borrowing (ECB) into equity for manufacturing hot extruded seamless stainless steel without involvement of additional inflows.

Gillete India Ltd’s (Indian Shaving Products Ltd) proposal for manufacturing razor, blades and advanced shaving systems, has also been approved by the commerce ministry through an amendment in the existing foreign collaboration approval without additional inflow of money.