Govt nod for 32 FDI proposals

The proposals, cleared by Finance Minister P Chidambaram, include those in bio-technology, chemicals, petro-chemicals, health, food processing, heavy industries, IT and telecom sectors, an official release said in New Delhi.

The FDI proposals include that of two Japanese firms Nissan Motor and Lotte Company to set up a wholly-owned subsidiary and a joint venture respectively, and from the US-based Reader's Digest to set up a 100 per cent arm.

Nissan's proposal envisages an FDI inflow of Rs 4.2 crore (Rs 42 million), Rs 52.5 crore (Rs 525 million) from Lotte company and Rs 6.86 crore (Rs 68.6 million) from Reader's Digest, the release said.

The highest FDI inflow at Rs 52.5 crore was from Lotte to set up a joint venture  in Himachal Pradesh for manufacturing chewing gum, chocolates, candy, biscuits and ice-creams.

It was followed by a Rs 41.88 crore (Rs 418.8 million) proposal from US-based CVC International Investment for investing in Chandigarh-based Nectar Life Sciences, engaged in manufacture of antibiotics.

The permission sought was for transfer of shares from residents to non-residents and issue of fresh equity.

UK-based Worldwide Channels Investments' proposal was for Rs 39 crore (Rs 390 million) FDI inflow for raising foreign equity to 74 per cent in Mumbai-based Worldwide Media, engaged in publishing and printing scientific, technical and speciality magazines.

Mauritius-based Redington sought to bring in FDI of Rs 20.57 crore (Rs 205.7 million) in Chennai-based Redington (India) engaged in the distribution and servicing of computers and peripherals and export of software.

There was one proposal each from bio-technology, health, food processing, telecom and urban development, two each from information and broadcasting and economic affairs, three from chemicals/petrochemicals, four each from heavy industry, five from information technology and seven from  commerce departments.