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Government clears 28 FDI proposals worth Rs 2.26 billion

The government on Wednesday approved 28 proposals worth Rs 2.26 billion for Foreign Direct Investment including the Rs 990 million proposal of Intel Technology India Ltd for software development.

The proposals pertaining to software development, engineering, consultancy and Non-Banking Financial Companies were approved by the Commerce and Industry Minister Murasoli Maran on the basis of the recommendations submitted by the Foreign Investment Promotion Board.

Another proposal of US-based company Mdoffices.com to set up a 100 per cent subsidiary for development of high-end software for healthcare industries entailing an infusion of Rs 940 million by the year 2005 was also cleared.

Other FDI proposals cleared included:

A proposal of Rs 235 million for acquiring 75 per cent equity by Compaq Financial Services for financing and leasing of IT products and solutions.

A Rs 27 million proposal of Singapore-based company Luxasia Investment Pte for setting up a wholly-owned trading subsidiary for wholesale trading in branded cosmetics.

Among the cases which involved amendment in existing foreign collaboration without any fresh inflow included:

Singapore-based British Gas Asia Pacific Holding Pte Ltd's proposal for transportation, distribution and supply of natural gas, bottling and marketing of LPG.

BHP Petroleum India's proposal for setting up a special purpose holding company to make downstream investments in petroleum and natural gas sectors.

Mahanagar Gas Ltd's proposal for distribution of natural gas to domestic industries

Premier Instruments & Controls Ltd proposal to manufacture automobile components

HDFC Ltd's housing finance proposal.

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