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Suzuki among 41 proposals FDI cleared

Suzuki Motor Corporation's proposal to set up an Aluminium foundry in its Indian joint venture Maruti Udyog was among 41 foreign direct investment proposals worth Rs 206 crore (Rs 2.06 billion) approved by the government on Tuesday.

The proposals were cleared by Commerce and Industry Minister Arun Shourie based on the recommendations of Foreign Investment Promotion Board, an official release said.

As per Suzuki's proposal, it will invest Rs 12.75 crore (Rs 127.5 million) in Gurgaon for a 51 per cent equity to set up an aluminium foundry which will manufacture aluminium casting for various applications including automobiles.

Mauritius-based South Asia Regional Fund's proposal to hike foreign equity from 44.7 per cent to 57 per cent in Satyam Infoway at a cost Rs 65 crore (Rs 650 million) was also cleared.

Other major investment proposals pertain to sectors such as biotechnology, telecommunications, manufacture of electrical components, information technology and software development, consultancy and advisory services and NBFC activities.

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