Finance Minister Jaswant Singh on Tuesday approved 23 foreign direct investment proposals involving Rs 40.76 crore (Rs 407.6 million) including that of US-based Pitney Bowes to set up a wholly-owned subsidiary in India.
The proposals cleared by Foreign Investment Promotion Board mostly pertain to food processing, engineering, wholesale trading and IT segments.
Pitney Bowes to set up an arm in India for wholesale trading of hi-tech mail and document management systems, involving a investment of Rs 23 crore (Rs 230 million).
Another US company Healthscribe Inc got the go-ahead to acquire shares from resident shareholders in its Indian arm for Rs 10.82 crore (Rs 108.2 million).
FIPB also cleared Japanese company Riken Corporation's plans to hike its stake in Sriram Pistons & Rings to 27.3 per cent from the present 18.50 per cent for Rs 4.05 crore (Rs 40.5 million).
Another Japanese company Stanley Electric Company along with its Thai arm obtained permission to increase its holding in Lumax Industries to 19.41 per cent from 17.97 per cent for Rs 12 lakh (Rs 1.2 million).
Singapore-based MHE Technologies obtained FIPB nod for increasing its holding to 100 per cent from 51 per cent in its Indian arm for Rs 47 lakh (Rs 4.7 million).