Toyota Project Among 53 FDI Proposals Cleared

New Delhi, May 30: | Updated: May 31 2002, 05:30am hrs
The government has cleared 53 foreign direct investment (FDI) proposals worth Rs 957 crore including automobile major Toyotas Rs 303.75 crore investment for picking up 90 per cent stake in Toyota Kirlosker Auto Parts and Reckitt Benckisers proposal to increase foreign equity stake in its Indian arm from 49 per cent to 100 per cent with an investment of Rs 403.19 crore.

Toyota Motor Corporation of Japan is picking up 90 per cent equity stake in Bangalore-based Toyota Kirloskar Auto Parts incorporated to manufacture automobile parts for transmission.

The Netherlands-based Reckitt is picking 100 per cent equity stake in its Indian arm Reckitt Benckiser India for setting up a centre of excellence for marketing brand development and other development initiatives.

The proposal of another Japanese firm, Toyota Automatic Loom Works, to increase foreign equity to 94.4 per cent from existing 89.38 per cent with an investment of Rs 100 crore in its Indian joint venture Kirloskar Toyota Textiles Machinery has also been cleared.

Other proposals cleared by commerce and industry minister Murasoli Maran on the recommendations of Foreign Investment Promotion Board (FIPB) included Canada-based Next Generation Telecoms investment of Rs 110.8 crore for picking up 49 per cent equity stake in NKS Long Distance Communication engaged in providing international long distance telephony in India.

Mr Maran has also approved the proposal of Cadmen Investments of Mauritius to invest Rs 95.99 crore for increasing its stake to 99.99 per cent in Indian company Vulcan Exports Ltd from the existing level of 50.67 per cent. The investment will be used in software development activities.