Government on Wednesday cleared 29 FDI proposals worth Rs 147 crore (Rs 1.47 billion), including those of Hong Kong-based IBM Products and cosmetics major Nivea.
Finance Minister P Chidambaram cleared the projects in the areas of bio-technology, commerce, fertilisers, information and broadcasting and health, an official release said.
The projects were vetted by the Foreign Investment Promotion Board.
The projects include a Rs 65.5 crore (Rs 655 million) worth proposal from IBM Products to set up 100 per cent wholly owned subsidiary to undertake trading activity. It would also deal in manufacturing, importing, marketing, distribution and export of IT systems.
The proposal of the German partner of Nivea India, Belersdorf AG, to set up a 100 per cent subsidiary with an investment of Rs 17 crore (Rs 170 million) was also approved.
The application of Uno Investments of Mauritius to increase foreign equity in Shriram EPC Ltd to 20.16 per cent through an investment of Rs 30 crore (Rs 300 million) was also cleared.
