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15 FDI proposals cleared

NEW DELHI: The Central Government on Friday permitted NYSE Euronext to pick up an equity stake of five per cent in Multi-Commodity Exchange (MCX) at an estimated foreign direct investment (FDI) of Rs. 218.51 crore.

NYSE Euronext’s proposal is among the 15 proposals which were approved by Finance Minister P. Chidambaram on the recommendations of the Foreign Investment Promotion Board (FIPB).

It includes a proposal by Images Multimedia, a portal for retail and other business information, to bring in Rs. 33.37 crore as foreign equity up to 26 per cent in a company engaged in the publication of specialty magazines.

Japan-based steel product supplier, Metal One Corporation, also received the go-ahead to make an estimated investment of Rs. 32 crore for setting up a new wholly-owned subsidiary.

Sumitomo Heavy Industry, also of Japan, is to bring in Rs. 1 crore for setting up a 100 per cent subsidiary for selling moulding machines.

Among others, TRW Aftermarket Asia of Singapore has been allowed to bring in FDI worth Rs. 21.20 crore for setting up a manufacturing facility for automobile components.

Ashwini Steel is to bring in Rs. 1.68 crore for establishing a small-scale industrial unit with a foreign equity of 84 per cent.

The proposals of the Mumbai-based Birla Carpets, Greater Noida-based ST Microelectronic, Encompasss Events, Shell Bitumen India, Shell Gas India and Shell India Marketing have also been approved but they do not involve any fresh FDI inflow.

According to an official release here, the proposals of Amar Ujala Publication, RALF Schneider Holding GmbH, Mauritius-based Indivision India Partners and Bangalore located Connex Teltech Pvt. Ltd. have been deferred while the application of the Mumbai-based JM Financial Venture has been rejected.

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