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The government on Monday cleared 18 proposals envisaging foreign direct investment inflow of Rs 168 crore (Rs 1.68 billion), including the Rs 78.5 crore (Rs 785 million) investment by Florida-based Creative IT in issuing fresh shares as cash.
The US company plans to operate from Gujarat and will design, engineer, finance, build and market infocity projects, according to an official statement in New Delhi.
Major proposals pertain to manufacture and export of agro chemicals, contract research, hotels, health tourism and software development and were cleared by Finance Minister Jaswant Singh on the recommendations of the Foreign Investment Promotion Board.
Among the other proposals cleared on Monday was a Rs 50 crore (Rs 500 million) plan by Sigma Aldrich Fording Holding Company to manufacture and export chemicals from Bangalore. The company plans to set up an export-oriented unit with 100 per cent foreign equity participation.
US agro-chemical major Monsanto Company's Rs 18.88 crore (Rs 188.8 million) proposal to hike stake in the Indian venture to 75 per cent was also approved.
The Rs 5 crore (Rs 50 million) proposal of Bangkok Seeds Industry Company to set up a wholly-owned subsidiary for production and sale of high quality corn seeds has been approved.
Singapore-based Sesami.com Pte plans to convert Indian operations into a wholly-owned subsidiary by infusing Rs 6 crore (Rs 60 million) and hiking stake from 60 per cent. The Indian arm provides end-to-end business-to-business commerce solutions to companies.
BVQI Holding SA has been allowed to change royalty terms vis-a-vis the Indian venture but its proposal involved no fresh FDI inflow. The Dutch major is into certification and audit of quality, environment, safety and other management systems.
The companies, which had approached the government include Sumitomo Wiring Systems for setting up a 100 per cent owned subsidiary involving Rs 1 crore (Rs 10 million) FDI, and Kodak Polychrome Graphics Enterprises for changing its activity clause.
Kodak Polychrome currently makes graphics art films besides undertaking cash and carry wholesale trading of various film processing and printing products.