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Journalism of Courage
NEW DELHI, Feb 20: The Foreign Investment Promotion Board (FIPB) on Saturday cleared 35 foreign direct investment proposals worth Rs 800 crore including McDonalds, Osram, Shell India and Chambal Fertilisers.
FIPB has given its nod to McDonalds for acquiring property to open more outlets in the country. Osram of Germany has been allowed to buy out 17 per cent stake held by Surya Roshini in its lighting joint venture which will now become a wholly-owned subsidiary of the German company. Osram has also been allowed to increase the paid-up capital in the company, government sources added.
The board allowed Universal Holding of West Indies to set up two technology parks in Maharashtra and Tamil Nadu. The total investment in the projects is over Rs 200 crore.
Among the other proposals which received the FIPB approval were, WSIL Mineral Sands India Pvt Ltd’s proposal for setting up an integrated project for processing beach sand, minerals and titanium dioxide in Tamil Nadu.
WSIL would pump in Rs 140 croreand a Tamil Nadu state undertaking would hold 26 per cent in beach sand project. On the other hand, Indian Rare Earths Ltd would pick up 26 per cent in the titanium dioxide project.
Further, Shell India got a go-ahead to expand its activities in the country. As per the company’s proposal, Shell India wanted to include leasing of port facilities, warehousing and storage in its current set of activities.
Shell India is also increasing its paid-up capital by Rs 2 crore. However, its proposal to do trading and marketing in the country was turned down by the board, according to sources.
Elf Lubricants received green signal to buy out Raysif India Ltd’s stake in its joint venture. The board however, stipulated a condition as per which Elf would have to divest 26 per cent in the country over the next five years.Chambal Fertilisers and Chemicals was allowed to set up a 50:50 joint venture with Australia-based Technico PTY Ltd for developing and selling potato seeds in India. Technico would be putting in Rs 10crore in the joint venture.
The FIPB allowed three companies to undertake non-banking finance activities in the country. These companies were, Old Mutual Group of South Africa, Gio Sanmar Gilts and Yasuda India Risk Advisory Services. OMG will hold 75 per cent stake in its joint venture. While, Gio Sanmar and Yasuda would hold 50 per cent and 51 per cent stake in their respective ventures in the country.
