Indian Commerce and Industry Minister Murasoli Maran cleared a proposal by Japan's Yamaha Motor Co Ltd to invest 3.5 billion rupees ($73.05 million) in its local venture, a government statement said on Tuesday.
The investment in Yamaha Motor India Pvt Ltd, which makes motorcycles in the 100-135cc range, will be made through an issue of 14 percent redeemable preference shares, it said. A proposed $500 million issue of American Depository Receipts/Global Depository Receipts by unlisted Indian telecoms firm Sterling Infotech Ltd was also cleared. But it still must be approved by a cabinet economic affairs committee.
Sterling plans to use the money to set up an undersea cable system, make forays into direct-to-home broadcasting and invest in third-generation wireless services.
The applications were among 33 proposals involving a total foreign direct investment of 3.72 billion rupees cleared by the minister. Bureau Report