New Delhi, Jan 31: The Government has approved 46 cases of foreign direct investment amounting to Rs 406 crore including the proposal of Rediff Communication Ltd which envisages the increase in foreign equity to 49 per cent at an inflow of Rs 322.50 crore.The union minister for commerce and industry Murasoli Maran has approved the cases on the recommendations of the Foreign Investment Promotion Board(FIPB), said an official statement.
Other approved cases include those of Mitsui & Co Ltd, Alsthom Ltd, Royal Dutch Shell group of companies and Euro RSCG Advertising Pvt Ltd.
The FIPB has allowed Mitsui & Co to undertake export of products manufactured in India by non-Mitsui companies to Japan and other countries.
Alstom's proposal to set up a facility for manufacture of electro mechanical and static energy meters and providing software solutions to the utility industry at an investment of Rs 1.6 crore has been approved. Alsthom will hold 40 per cent equity in the venture.
Royal Dutch Shell's proposal to operate an LNG import and regassification terminal has been given the go-ahead by the FIPB.
Advertising major Euro RSCG has been allowed to extend its area of operations to entire range of communications.
Other approved proposals include HCL Holdings Pvt Ltd, Mauritius' proposal to set up a software development facility with a foreign investment of Rs 2.84 crore.
First Asia Asset Management's proposal to increase foreign stake to 49 per cent from the existing 30 per cent by infusing Rs 6.80 crore has also been approved.
Net Media India Pvt Ltd has been given the go-ahead to bring in foreign investment amounting to Rs 2.15 crore for distribution of print, video and audio contents on the internet and other internet related services in the country.
United Teleshopping & marketing Co Ltd's proposal to increase foreign equity from 45.45 per cent to 57.14 per cent at an inflow of Rs 13.50 crore also got the approval. The company will be carrying out services relating to marketing of products through telephone, infomercial or internet, the statement added.
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