Govt clears FDI proposals worth Rs 203 crore

Our Corporate Bureau

New Delhi, Nov 20: The government has cleared foreign direct investment (FDI) proposals worth Rs 203 crore including projects of Mobil Petroleum, Standard life investments, Asea Brown Boveri, Mitsubishi and Ford Motor.

Union minister of commerce and industry has cleared 39 FDI proposals related to software development, electrical equipment, telecom, chemicals & petrochemicals, Internet service and information technology sectors on the recommendations of the Foreign Investment Promotion Board (FIPB), according to an official statement.

The Rs 77.89 crore proposal to set up wholesale trading of uniquely coded prepaid calling cards by US-based Scientific Games International has been approved by the government. The company is setting up its wholly-owned subsidiary in Bangalore. uThe government has also approved Scotland-besed Standard Life Investments’ Rs 40.03 crore proposal for increasing foreign equity from 26 per cent to 39.9 per cent.

The Rs 22 crore proposal to increase foreign equity from 50 to 100 per cent by US-based Mobil Petroleum has also been cleared. The company is engaged in the manufacture of lubricant and specialty products. Auto major Ford Motor’s proposal for amending the existing foreign collaboration (FC) has been cleared, which does not involve any fresh inflow of FDI.

The approval has also been given to ABB to increase foreign equity from 50.99 per cent to 52.11 per cent and issue of preference shares involving Rs 8.46 crore.