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Saturday, Feb 19, 2005

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Bausch & Lomb, Colgate among 24 FDI proposals approved

Our Bureau

New Delhi , Feb. 18

BAUSCH & Lomb Eyecare (India) Private Ltd's plan to set up a community cataract surgical centre involving foreign direct investment (FDI) inflow worth Rs 50 crore was among the various FDI proposals approved by the Government today.

A total of 24 proposals involving FDI worth Rs 158.82 crore were cleared by the Finance Minister, Mr P. Chidambaram, here today.

The ADR/GDR offering proposed by ICICI Bank for issue of sponsored offering of ADRs against existing shares involving FDI worth Rs 44.45 crore too was approved by the Minister.

Colgate-Palmolive Asia Pte's plan to acquire approximately 20 per cent stake in Colgate-Palmolive India Ltd from its New York-based parent company, Colgate Palmolive, involving FDI worth Rs 27.20 crore has also been approved.

Boston-based International Data Group's proposal to set up a wholly-owned subsidiary for printing and publishing technical magazines involving FDI worth Rs 13.13 crore has also received the go ahead from the Government.

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