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Government clears 29 FDIs worth Rs 5.88 billion

Shell India's Rs 3.32 billion proposal for setting up LNG import and regasification terminal, Escort Yamaha's motor company and Italian Auto Giant Piaggio's proposals to increase equity stake in their Indian partners were among the 29 foreign direct investment proposals worth Rs 5.88 billion was cleared by the government on Wednesday.

The proposals pertaining to automobile and automobile accessories, chemicals and LNG terminals were cleared by the Commerce and Industry Minister Murasoli Maran on the basis of recommendations made by the Foreign Investment Promotion Board.

Among the other major proposals cleared by the government was Float Glass India's Rs 263 million for manufacture of float glass.

Escort Yamaha Motor Company's proposal to acquire 26 per cent stake from its Indian partner envisages an additional inflow of Rs 1.20 billion, an official release said.

Piaggio and C SpA's proposal to invest Rs 167 billion by hiking its equity participation from 36 per cent to 85 per cent was also okayed by the government.

Shell India Ltd's Rs 3.32 billion proposal to set up LNG import and regasification terminal was also approved.

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