May 30, 2002 | 1544 IST
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Money > PTI > Report May 30, 2002 | 1544 IST |
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Reckitt, Toyota among 53 FDI proposals worth Rs 9.57 bn clearedReckitt Benckiser's Rs 4.03 billion proposal and Japanese automobile company Toyota's Rs 3.04 billion investment are among the 53 foreign direct investment cases worth Rs 9.57 billion cleared by the government on Thursday. The proposals were cleared by the Commerce and Industry Minister Murasoli Maran on the basis of recommendations made by the Foreign Investment Promotion Board. Reckitt proposes to increase foreign equity in its Indian arm from 49 per cent to 100 per cent, investing Rs 4.03 billion for setting up a 'centre of excellence' for marketing brand development and other initiatives, an official release said. Toyota intends to invest Rs 3.04 billion for picking up 90 per cent equity in a joint venture with Toyota Kirlosker for automobile parts. Toyota Automatic Loom Works' Rs 1 billion proposal to increase foreign equity to 94.4 per cent from 89.38 per cent in Kirloskar Toyota Textiles Machinery was also cleared by Maran. Other proposals cleared include Mauritius-based Cadmen Investments' proposal to invest Rs 960 million for increasing its stake to 99.99 per cent in Indian company Vulcan Exports Limited. The investment would be used in software development activities. American Express International's proposal to buy out the Tatas in the credit card joint venture company, Tata Finance AMex Ltd, has been approved involving Rs 150 million FDI inflow. The US company plans to increase its stake in the joint venture from 35 per cent to 100 per cent. Others include rating agency Moody's Mauritius Holdings Ltd's proposal for hiking foreign equity marginally to 23.44 per cent. The wholly-owned subsidiary in India, will act as a special purpose vehicle for providing technical and financial collaboration to ICRA. All Asia TV Broadcast wants to set up a holding company to invest in the telecom sector and Maran approved an amendment in the company's existing foreign currency approval. ALSO READ:
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