Government has approved 25 foreign direct investment proposals, including those of Citicorp International Finance and Suzuki Motor Corporation that will bring in Rs 145.12 crore (Rs 1.45 billion) into the country.
The proposals, cleared by Finance Minister P Chidambaram on the recommendation of Foreign Investment Promotion Board, also include setting up of a wholly-owned subsidiary by Italy-based Guarniflon SPA for research and development of polytetrafluoroethylene compounds, semi-finished and finished products.
The proposal is for Rs 68.70 crore (Rs 687 million) of FDI.
Suzuki Motor Corporation will bring in Rs 12 crore (Rs 120 million) FDI for setting up a new joint venture in Haryana with 30 per cent foreign equity participation.
The JV will manufacture and sell four-wheelers of Suzuki Motor Corporation, vehicle parts and accessories.
The proposal by Citicorp is for increasing stake in Mumbai-based Elder Pharmaceuticals Ltd from 19.01 per cent to 29.70 per cent. The company will set up manufacturing facilities of pharma formulations in Uttaranchal and Himachal Pradesh, according to an official statement in New Delhi.
© 2025