Financial Daily from THE HINDU group of publications
Saturday, Jun 15, 2002
Foreign Direct Investment
Industry & Economy - Foreign Direct Investment
Government - Policy
Ciba Specialty among 36 FDI plans cleared
NEW DELHI, June 14
THE proposal of Ciba Specialty Chemicals (India) Ltd to increase foreign equity by raising the stake of its Swiss parent Ciba Specialty Chemicals Holdings, from the present 40 per cent to 89 per cent involving fresh investments worth Rs 71.58 crore is among the foreign direct investment (FDI) proposals okayed by the Minister for Commerce and Industries, Mr Murasoli Maran, today.
The Minister cleared a total of 36 FDI proposals involving FDI worth Rs 245 crore.
The proposal of Enercon Wind Farms (Karnataka) Pvt Ltd to set up a 21 MW wind power project with 65 per cent foreign equity involving FDI worth Rs 26 crore has been cleared.
The Minister has given the go-ahead to GE Plastics to increase foreign equity in the company from the present 50 per cent to 100 per cent with fresh investment worth Rs 25 crore.
Schoolnet India Ltd has been allowed to convert its debt to the International Finance Corporation into equity in accordance with FCCB guidelines and other regulatory norms involving FDI worth Rs 24 crore.
Rio Tinto Explorations Ltd has also received the Minister's approval for increasing foreign equity in the company from the present 75 per cent to 85 per cent with FDI worth Rs 20 crore from its parent company, the London-based Rio Tinto Minerals Developments Ltd.
South India Infrastructure Development Company Pvt Ltd too has been permitted by the Minister to increase foreign equity in the company from the current level of 16 per cent to 48.35 per cent, involving FDI worth Rs 4.83 crore.
The Minister has also allowed Citizen Watches (India) Ltd to increase foreign holding in the company from 51 per cent to 75 per cent, involving FDI worth Rs 1.47 crore.
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