FIPB clears 19 proposals totalling Rs 393.36 crore

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New Delhi, Oct 4 (UNI) Finance Minister P Chidambaram has cleared 13 FDI proposals totalling Rs 393.36 crores, including Secundrabad-based M/s Aster Infrastructure's proposal for induction of Rs 232.56 crore foreign equity.

The Aster's proposal is for a 72.5 per cent equity in a company engaged in the activity of telecom infrastructure provider.

The FIPB also approved Maruti Suzuki's joint venture with Japan's Futaba Industrial Company for the manufacture of auto parts.

The new joint venture will involve a foreign equity of 51 per cent by Futaba and the Foreign Direct Investment (FDI) inflow will be of the order of Rs 45.90 crore. The project involves manufacture and sale of Exhaust System Components for automobiles. The proposal attracts provisions of Press Note 1.

Finance Minister P Chidambaram has given the nod for the FIPB clearences which met on September 20, 2007, a release said here today.

The proposals cleared also includes a project involving M/s KVK Energy and Infrastructure Private Limited, Hyderabad, involving induction of foreign equity upto 70 per cent of Rs 97.06 crore for making investments in downstream operating companies engaged in implementation of power sector projects.

The FIPB also gave approval for an foreign equity investment of Rs eight crores by M/s A Rank Holdings Private Limited. The project involves converison of operating company into a 100 per cent operating- cum- holding company and also to make downstream investments by way of acquisition of existing shares in two companies engaged in auto components sector.

It cleared an 0.85 FDI inflow into M/s Bloomberg of United states for undertaking additional activities of down-linking activties and also increase in paid up capital.


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