The government on Tuesday cleared 26 proposals envisaging foreign direct investment worth Rs 16.08 crore (Rs 160.8 million) including a Rs 5.03 crore (Rs 50.3 million) plan by Citi Corp International to set up a unit in Mumbai to manufacture active pharmaceutical ingredients and bulk drugs.
The proposal, cleared by Finance Minister Jaswant Singh, had been earlier approved by the Foreign Investment Promotion Board.
Among the proposals cleared is Rs 6.90 crore (Rs 69 million) investment by Malaysian company Elken Sdn BhD for manufacturing biopurifiers in Bangalore.
A Belgian company, Financiere DEA Applications, plans to manufacture electrical outdoor luminations and will invest Rs 1.55 crore (Rs 15.5 million) as FDI for the purpose at its manufacturing plant in Faridabad.
German company Liedherr Verzanteul Nikg GmbH will set up shop in Bangalore for making gear-cutting machines.