The Hindu : Bridgestone among 23 FDI approvals

Online edition of India's National Newspaper
Tuesday, Dec 17, 2002

Business

Business

Bridgestone among 23 FDI approvals

NEW DELHI DEC. 16. Japanese tyre maker Bridgestone Corporation's Rs. 66.60 crore proposal for hiking equity in its Indian arm to 100 per cent was among the 23 proposals worth Rs. 92 crores cleared by the Government today.

The proposals were approved by the Union Commerce and Industry Minister, Arun Shourie, on the basis of recommendations made by the Foreign Investment Promotion Board, an official release said here. The Rs. 15 crore proposal of Indonesia-based Pt Adijaya Guna Satwatama for setting up a 100 per cent subsidiary also secured the government nod.

The company proposes to undertake wholesale trading of agricultural commodities and products, animal feed and supplements and capital equipment as well as spares of plant and machinery used in poultry and dairy-related industry.

The major investment proposals cleared were from sectors such as setting up of power plant, software development, consultancy and services.

Finland's telecom major Nokia's proposal to undertake cash and carry wholesale trading was given the nod. A proposal of the U.S.-based Citicorp International Finance Corp. and Individual NRIs from Canada was given permission to develop computer software. — PTI

Printer friendly page
Send this article to Friends by E-Mail

Business