23 FDIs worth Rs 107 crore cleared

Germany-based Bayer Crop Science's Rs 74 crore (Rs 740 million) proposal for hiking equity in Aventis Crop Science India to 100 per cent is among the 23 foreign direct investment proposals worth Rs 107 crore (Rs 1.07 billion) approved by the government on Tuesday.

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

The major FDI proposals are related to sectors like chemicals and petro-chemicals, manufacture of fertilisers and
pesticides, petroleum and natural gas, manufacture of bio-mass-based products and software development.

Bayer Crop Science proposes to convert Aventis Crop Science India, which makes fertilisers and pesticides, into a
wholly-owned subsidiary by increasing its shareholding from the present 67.08 per cent.

The Rs 12.76 crore (Rs 127 million) proposal of French plastic opthalmic lenses maker Essilor International SA to up stake in Bangalore-based Indian Opthalmic Lenses Manufacturing Co to 94.32 per cent from 92.7 per cent also secured government approval.

Soft drinks maker Coca-Cola South Asia Holding Inc was given the nod to expand and consolidate the production and
distribution infrastructure of non-alcoholic beverage business in Eastern and Western India.

Pepsico Inc's proposal to acquire plant and franchisee in Haryana and Himachal Pradesh also secured approval.

Both these proposals, however, do not involve any fresh inflow of FDI and await amendment in the existing foreign
collaboration route.