NEW DELHI(PTI): Indian government has cleared 26 proposals of foreign collaboration involving foreign investment of Rs one billion mostly in the help of software, “granite, nylon yam, mushrooms and frozen fish.

At its 13th meeting of the empowered committee held here for clearance of foreign investment proposals under the chairmanship of union finance minister, Dr,Manmohan Singh, the 26 proposals recommended by the Foreign Investment Promotion Board (FIPB) were cleared,

With this, the committee has cleared proposals envisaging foreign investment of about Rs 14.5 billion ever since its inception in 1991.

Proposals approved last week include five projects for setting up 100% Export oriented Units (EOUs) for large diameter welded and submerged ARC pipes, software, granite, nylon yarn, mush rooms and frozen fish.

One of the proposals cleared is that of an Indian financial and technical collaboration with m/s. Roxell Belgium for setting up a unit in Pune, Maharashtra for manufacture of automatic feed conveyer for livestock.

The specific products to be manufactured are feeding system for boilers and a system for breeders. Another projects cleared was being promoted by a Non Resident Indian (NRT) company Viz., max group of companies, Holland for manufacture of knit ted fabric and knitted wear in a factory to be located in Gurgaon, Haryana primarily for the export market. The total estimated cost of the project is Rs 160 million; The project has estimated exports of Rs 577 million for a period of five years.

The committee also approved a proposal of an Indian firm for financial and technical collaboration in U.K. for setting up a unit in

Noida for manufacture of high tension cord, This is an important substitution product being entirely imported by Indian users:

The proposal of m/s Mann aluminum LTD envisaging 70% of the equity share holding of the Indian company to be held by an NRI amounting to Rs 100 million for setting up a unit in Pithampur, Madhya Pradesh for manufacture of large diameter welded and sub merged ARC pipes was also cleared by the committee. The total project cost is RS354 million. The company also proposed lo supply pipes to the oil and Natural Gas Commission (ONGC) against its global tenders. Total export carryings envisaged over a period of five years are Rs 27.15 billion. The committee also approved the proposal of m/s Gecalsthom NV, one of the world’s leading companies in the power sector for setting up 100% owned subsidiary in India, an official release said.

 

Article extracted from this publication >>  June 4, 1993