Govt clears 15 FDI proposals

Govt clears 15 FDI proposals
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First Published: Fri, May 02 2008. 02 40 PM IST
Updated: Fri, May 02 2008. 02 40 PM IST
PTI
New Delhi: The Government has cleared the proposal of world’s largest stock exchange NYSE Euronext to pick up 5% stake in a commodity exchange at an estimated investment of Rs 218.51 crore along with 14 other FDI proposals.
The proposals, approved by Finance Minister P Chidambaram on the recommendations of Foreign Investment Promotion Board (FIPB), also included the application of Images Multimedia, which would bring in Rs33.37 crore in the country, according to an official release.
NYSE Euronext would infuse Rs281 crore in India for acquiring 5% equity in Multi-Commodity Exchange (MCX). This amount includes premium as well.
Images Multimedia, a portal for retail and other business information, has got the approval for bringing in Rs33.37 crore FDI for inducting 26% equity in the publication of speciality magazines.
Besides, the board cleared the proposal of Japan-based steel product supplier Metal One Corporation, which is estimated to investment of Rs32 crore for setting up a new wholly-owned subsidiary.
TRW Aftermarket Asia of Singapore would bring FDI worth Rs21.20 crore for setting up a manufacturing base for automobile components, while Italy-based Carel SPA would bring Rs5 lakh for wholesale trading, research and promotion relating to consumer durables.
Also, Japan-based Sumitomo Heavy Industry would bring in Rs1 crore for setting up a 100% subsidiary for selling moulding machines.
Ashwini Steel would bring in Rs1.68 crore for setting up small scale industrial unit with a foreign equity of 84%.
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First Published: Fri, May 02 2008. 02 40 PM IST
More Topics: FDI | NYSE Euronext | FIPB | MCX | Economy and Politics |