New Delhi, Apr 17: Government today cleared 47 proposals envisaging Rs 285 crore foreign direct investment, including a proposal by Hewitt Associates to set up a 100 per cent subsidiary in India with Rs 120 crore investment. Finance Minister Jaswant Singh approved these proposals which were recommended by the Foreign Investment Promotion Board in its meetings on March 27 and April three, according to an official statement here.
The proposals pertain to business of outsourcing/back office operations, transportation, airfreight and ocean freight forwarding and development of integrated townships, it said.
Among the proposals cleared was German major deutsche post international's Rs 53.72 crore proposal to acquire 49 per cent stake in transportation, airfreight and ocean freight forwarding besides Singapore computer systems' plan to hike stake in its Bangalore-based joint venture by two per cent to 32 per cent with Rs 45 crore investment.
Also, another proposal by Korean consumer electronics major LG for amalgamation of two companies was cleared; it envisages no fresh investment. Besides, Xerox Corporation's proposal to amend the existing foreign currency approval in the case of Indian joint venture company Xerox Modicorp was also given the go-ahead, again involving no fresh FDI inflow.

Bureau Report