Friday, Apr 18, 2003
Friday, Apr 18, 2003 |
| Business | ||
|
News:
Front Page |
National |
Southern States |
Other States |
International |
Opinion |
Business |
Sport |
Science & Tech |
Miscellaneous |
Advts: Classifieds | Employment | Obituary | Business
By Our Special Correspondent
Another proposal cleared was from the Japanese automaker Suzuki Motor Corporation to divest 65.80 lakh equity shares of its subsidiary Maruti Udyog Limited to resident and non-resident shareholders. The Union Finance Minister, Jaswant Singh, approved these proposals which were recommended by the Foreign Investment Promotion Board (FIPB) in its meetings on March 27 and April 3, an official statement said here today. Among the proposals cleared was the German major, Deutsche Post International's Rs. 53.72 crores offer to acquire 49 per cent stake in transportation, airfreight and ocean freight forwarding besides Singapore Computer Systems' plan to hike stake in its Bangalore-based joint venture by two per cent to 32 per cent with Rs. 45 crores investment. Also, another proposal by the Korean consumer electronics major, LG, for amalgamation of two companies was cleared; it envisages no fresh investment. Besides, Xerox Corporation's proposal to amend the existing foreign currency approval in the case of the Indian joint venture company, Xerox Modicorp, was also given the go-ahead, again involving no fresh FDI inflow. Another Japanese automaker, Honda Motor Company's proposal to produce electric generating sets has also been cleared. The proposal, however, requires amendment in the existing foreign currency approval. Honda Motor's proposal of increasing foreign equity in Honda Siel Cars India from 99 per cent to 99.9 per cent by investing Rs 3.24 crores has also been approved. Another Singapore-based company, Borouge Pte. Ltd. proposal for Rs. 20 crores investment to undertake wholesale marketing distribution, supply, import, export and distribution of high performance polyolefin through its 100 per cent subsidiary, Borouge India, has been cleared. The U.S.-based company, Procter and Gamble's proposal of overseas transfer of shares of its Indian subsidiary, P&G Hygiene and Healthcare, for the manufacture of products like psyllium husk and Vicks Vaporub has been given approval. The proposal of the Singapore-based Advent Electronics to import and supply on warehouse sales basis highly specialised electronics components and high end networking and data security products and consultancy has been cleared. It, however, requires amendment in the existing foreign collaboration approval route. Germany's Miss Ursula Montag proposal to make and export readymade garments and also to act as a commission agent for the Chennai-based BPS Cotton Concepts has been approved. Cargill Asia Pacific proposal to undertake trading activity through its Indian subsidiary was also cleared. Also, Havas Advertising's Rs. 40 lakh proposal to hike its stake in Euro RSCG Advertising to 100 per cent has been approved.
Printer friendly
page
News:
Front Page |
National |
Southern States |
Other States |
International |
Opinion |
Business |
Sport |
Science & Tech |
Miscellaneous |
|
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu
|
