Govt clears FDI proposals worth Rs 83 cr

The government on Friday cleared 29 foreign direct investment proposals worth Rs 83 crore (Rs 830 million), including a Rs 40 crore (Rs 400 million) proposal of Japanese company Sankei Giken.

The proposals cleared by the finance ministry also included a Rs 31 crore (Rs 310 million) proposal of another Japanese company Toyoda Automatic for increasing foreign equity to 95.11 per cent from 94.40 per cent by way of issuing fresh equity shares, an official statement said in New Delhi.

The proposals were approved on the recommendation of Foreign Investment Promotion Board.

The other 27 proposals involved an FDI totalling about Rs 12 crore (Rs 10 million).