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HDFC among 46 FDI proposals cleared

Our Bureau

NEW DELHI, July 31

HOUSING finance major HDFC's proposal to bring in Chhubb Global Financial Services Ltd as minority partner in its non-life insurance joint venture with a 26 per cent stake involving foreign direct investment (FDI) worth Rs 73.76 crore including premium was among the FDI proposals cleared today by the Minister for Commerce and Industries, Mr Murasoli Maran.

A total of 46 proposals involving a combined FDI worth Rs 214 crore were cleared.

The Mauritius-based Van Gogh Investments Ltd's plan to invest Rs 30 crore through its 100 per cent subsidiary Western Outdoor Interactive Private Ltd for software development and the UK-based Metdist Ltd's plan to invest Rs 25 crore through its 100 per cent subsidiary Metmin Exploration Private Ltd for exploration, development, mining and processing of base and precious metals too have been cleared by the Minister.

Korean engineering company Sinjin Engineering Company Ltd has also received the go ahead from the Minister for its proposal to invest Rs 18.80 crore for the manufacture of automotive components and plastic parts through its 100 per cent Indian subsidiary.

The Mauritius-based Edgefield Securities too has been permitted to acquire 13.45 per cent in J.K. Industries involving FDI worth Rs 10.23 crore.

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