NEW DELHI, July 9: The Union government has cleared 62 foreign direct investment (FDI) proposals worth Rs 1,081 crore, including those by Kellogg, Marubeni, World Recreation Centre and Hindustan Lever.The proposals were cleared by Industry Minister Murasoli Maran on the recommendation of the Foreign Investment Promotion Board (FIPB), an official release said here today.The largest FDI proposal cleared was one by the World Recreation Centre to start a wholly-owned exclusive club and recreation facility with an investment of Rs 350 crore.Among other proposals cleared were those by US-based breakfast cereal major, Kellogg to bring in another Rs 45 crore into their Indian subsidiary, German Henkel to increase its stake in its joint venture with SPIC from present 60 per cent to 70 per cent and Hindustan Lever to set up an active yeast - wet and dry (instant) production unit in Maharashtra with a FDI of Rs 7.5 crore.The minister also cleared two power projects by Global Boards and Torrent Power and an oil refinery by east coast petroleum.With this the total number of FDI proposals cleared by the ministry has gone up to 6,034 with a total projected foreign investment of Rs 1,02,764 crore since August 1991, when the government set the liberalisation of the economy in motion. Global Boards has proposed FDI of Rs 133 crore to set up a power project at Kesorai Patan near Kota in Rajasthan while Torrent Power's proposal is to increase the FDI by another Rs 86 crore for its power-related projects.Marubeni Corporation has been cleared to mine iron ore in the Hospet region in Karnataka. The Japanese engineering giant will hold 50 per cent stake in the venture.Proposals cleared by Maran include one by Penguin Books to bring in another Rs 71 lakh and Scotia Bank to start financial services in the country with an FDI of Rs 17.5 crore.Other major projects are of Gold Fields Guernsey for mining exploration with FDI of Rs 87.50 crore.
