The government on Tuesday cleared 23 foreign direct investment proposals worth Rs 63.41 crore (Rs 634 million), including the Rs 50 crore (Rs 500 million) proposed investment by Dutch company BHP Billiton in share transfer deal for carrying out wholesale trading in the country.
The proposals were cleared by Finance Minister Jaswant Singh on recommendations of the Foreign Investment Promotion Board, which met on April 24, according to an official statement in New Delhi.
The proposals cleared by the government include the Rs 2.8 crore (Rs 28 million) proposed investment by Honda Motor Company of Japan in a downstream company dealing in scooters, parts, components and accessories.
Also, British public relations major A B M Global's proposal to hike foreign equity in the Indian subsidiary to 99.56 per cent from 51 per cent earlier has been cleared.
Besides, Japanese major Yokogawa Electric Corporation envisages Rs 5.25 crore (%2.5 million) investment in converting its Indian subsidiary into a wholly-owned one.
Other proposals cleared include those by Siemens AG for undertaking additional activities, Gates Corporation for undertaking wholesale trading and French major Alcatel's plan to extend validity of its approval letter.