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Reckitt Benckiser, Toyota FDI proposals cleared

Our Bureau

NEW DELHI, May 30

RECKITT Benckiser Plc's proposal to buy out the 49 per cent stake held by Indian shareholders in Reckitt Benckiser India Ltd and convert it into a wholly-owned subsidiary involving foreign direct investment (FDI) worth Rs 403.19 crore was among FDI proposals cleared by the Government on Thursday.

The Minister for Commerce and Industry, Mr Murasoli Maran, cleared a total of 53 FDI proposals involving FDI worth Rs 957 crore.

The other proposals cleared by the Minister include Toyota Kirloskar Auto Parts Pvt Ltd's proposal to set up a 100 per cent export-oriented unit (EOU) near Bangalore for manufacture of automobile transmissions and transmission parts involving fresh FDI worth Rs 303.75 crore. The Minister has also okayed Kirloskar Toyoda Textile Machinery's proposal to set up an EOU for manufacturing textile machineries and automobile components involving FDI worth Rs 100 crore.

Vulcan Exports Ltd's proposal to increase foreign equity in the company from the present level of 50.67 per cent to 99.99 per cent involving fresh funds inflow to the tune of Rs 95.99 crore from the foreign partner, Mauritius-based Cadmen Investments Ltd, too have got the `go ahead' from the Minister.

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