The Hindu : FDIs worth Rs. 95 cr. cleared

Online edition of India's National Newspaper
Wednesday, Oct 23, 2002

Business

Business

FDIs worth Rs. 95 cr. cleared

NEW DELHI OCT. 22. The proposals of consumer giants Hitachi and Samsung Electronics to enhance equity in their Indian ventures were among the 70 foreign direct investment proposals worth Rs. 95 crores cleared by the Union Government today. Japan-based Hitachi's Rs. 20 crore proposal involves increasing its equity in the joint venture with the Indian partner Amtrex Appliances to up to 74 per cent while the Korea-based Samsung got clearance for enhancing its equity in its Indian arm to 100 per cent. Samsung's proposal will lead to an FDI inflow of Rs. 15.68 crores.

Canada-based NSI Global Inc.'s proposal to increase its equity in its Indian arm to 49 per cent will result in Rs. 22.27 crore inflow. The major investment proposals cleared by the Government on the recommendation of the Foreign Investment Promotion Board involve sectors such as consumer goods manufacturing, automobile components, engineering accessories, tourism and software.

As many as 21 proposals including that of Honda Motor Co. and Reuters Singapore Pte related to amendment in the existing foreign currency approval vis-a-vis their Indian joint ventures were cleared and did not involve any fresh inflow.

— PTI

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FDIs worth Rs. 95 cr. cleared

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