The government on Friday cleared 21 foreign direct investment proposals envisaging Rs 35.55 crore (Rs 355.5 million) investment, including Rs 27 crore (Rs 270 million) proposal by Advanced Mineral Asia Pte for acquisition of shares in the Indian venture.
Finance Minister Jaswant Singh cleared these proposals on the recommendation of the Foreign Investment Promotion Board, which held a meeting on May 8, according to an official statement.
The major investment proposals pertain to business of introduction of technology for colour televisions, petro chemicals, wholesale trading, surgical equipment, printers, cameras, software development and cotton or other textile fabrics.
Singapore-based Advanced Mineral Asia Pte deals in mining, processing and selling of feldspars, industrial grade quartz, silica and sands.
Among the other proposals cleared today include pet food maker Mars Incorporated's plan to begin trading activities in India, albeit envisaging no fresh FDI inflow.
French company Essilor International will invest about Rs 6 crore (Rs 60 million) in transferring shares and also issue fresh shares to foreign investors in the Indian venture.
Cisco Systems' plan seeking clarification regarding activities was also cleared; so was advertising major WPP's proposal to hike stake in the Indian arm, albeit both involved negligible FDI inflow.
The Rs 1.98 crore (Rs 19.8 million) proposal of Swiss firm Schoeller Textile AG to hike equity in Schoeller Technologies India through fresh issue of shares was also cleared. Schoeller India manufactures cotton and other textile fabrics.
The proposal of Gopal Raju of USA for undertaking canvassing, advertisement agent, marketing activities for Indian and foreign magazines, journals, newspapers, TV and other media through India Abroad Pvt Ltd was also approved.
Stahl Netherlands BV secured permission to test market wet end products to supplement the sale of its finishing chemicals manufactured at their plant through Stahl India while US-based AccuDX Inc received nod to make and trade pathological, chemical and bio-chemical instruments, appliances, devices and re-agents, and hospital and surgical equipment.
Both these proposals do not involve fresh inflow of funds.
