New Delhi, Oct 28: The government has approved 28 foreign direct investment proposals including the Rs 460 crore plan of Shell Gas BV to set up a 100 per cent subsidiary in India to market transportation fuels. Major investment proposals cleared by the Finance Minister Jaswant Singh pertain to chemicals and petro-chemicals, mines, petroleum and natural gas, information and broadcasting and cash and carry wholesale trading.
Other proposals cleared by the government include that of US firm Snap-On Global Holdings' Rs 4.70 crore plan to set up wholly-owned arm in India for bulk imports and cash and carry wholesale trading.
German company Boehringer Ingelheim has also been allowed to set up a wholly-owned subsidiary with Rs 2.5 crore investment for manufacturing drugs, medicines and allied products.
Japanese firm Denso Corporation has been permitted to remit royalty to the parent company on sales of cars being manufactured by Hindustan Motors but plans no fresh FDI inflow.
Italian major Faber Spa will hike foreign equity stake in the Indian venture to 81 per cent by a meagre investment of Rs 0.41 crore whereas US major Bose Corporation plans to transfer one equity share from residents to non-residents involving negligible FDI inflow.
Bureau Report