FM clears FDI worth Rs 3,000 cr

New Delhi, Nov 29 | Updated: Nov 30 2006, 07:11am hrs
A total of 17 foreign direct investment (FDI) proposals were cleared by Union finance minister P Chidamabaram on Wednesday. The proposals amount to Rs 3,536.4 crore.

Topping the list is the Rs 2,000-crore proposal of Italian carmaker Fiat to set up a passenger car unit in Pune. The FDI limit has been increased to Rs 4,000 crore from Rs 2,000 crore earlier. The Cabinet Committee on Economic Affairs has already approved the project.

ICICI Venture Funds has also been permitted to transfer its domestic holdings in the India Advantage Fund to non-resident Indians and persons of Indian origin. The India Advantage Fund would act as a contributory trust to invest in private opportunities. The transfer of holdings has been pegged at Rs 1,090 crore.

Telecom company Essars proposal for acquiring a direct or indirect additional stake of 5.85% in Hutchisson Essar Ltd has also been approved by the finance minister. The proposal amounts to Rs 230 crore.

Korean automobile parts maker Mando Corporation has been permitted to set up a WOS in Chennai to manufacture, market, distribute and sell column-assisted electronic power steering systems for Hyundai Motor and other automobile manufacturers in India.