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Thursday, Nov 30, 2006

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Fiat among 17 FDI plans cleared

Our Bureau

New Delhi , Nov 29

Italian automobile major Fiat Auto SPA will invest Rs 2,000 crore at its Pune plant to manufacture passenger cars.

The proposal was among the 17 foreign direct investment (FDI) proposals approved by the Finance Minister, Mr P. Chidambaram, here on Wednesday.

This would be in addition to the Rs 2,000 crore approved earlier and would increase Fiat's approved investment level to Rs 4,000 crore, according to an official release.

A total of Rs 3,536.41-crore FDI has been cleared by the Finance Minister.

ICICI Venture

ICICI Venture Fund's proposal for allowing NRI/PIOs and other overseas investors to invest in the India Advantage Fund involving FDI worth Rs 1,090 crore has also received the go ahead from the Government. The fund would be set up as a contributory trust and invest in private opportunities.

The London-based Collins Stewart's plan to invest Rs 349.59 crore in INGA Advisors to undertake non-fund based investment banking, advisory services for mergers and acquisitions, corporate advisory and merchant banking has been cleared. The Mauritius-based Essar Communication's plan to bring in Rs 230-crore FDI in Essar Telecommunications Ltd to act as a foreign-owned Indian holding company to further acquire directly or indirectly additional 5.85 per cent stake in Hutchison Essar Ltd too has been approved.

The proposal of Mauritius-based PAC (OMR) Ventures to invest Rs 63 crore in Pacifica (Chennai-Old Mahabalipuram Road Project) Infrastructure Company has also been cleared by the Minister. The Korea-based Mando Corporation plan to set up a wholly owned subsidiary to manufacture power steerings involving FDI worth Rs 103.40 crore has also been cleared.

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