The Foreign Investment Promotion Board (FIPB) has recommended 38 cases...

The Foreign Investment Promotion Board (FIPB) has recommended 38 cases of Foreign Direct Investment valued at Rs. 952 crores, which have been approved by the Commerce and Industry Minister, Mr. Murasoli Maran. The proposals cover various sectors such as bulk drugs, internet software solutions, health care, petroleum, auto industry, Indian medicine systems, personal computers, and banking activities. Among the major proposals cleared is the INR. 430 crore investment by the Qatar-based Ras Laffan Liquefied Natural Gas Company for setting up LNG receiving facilities. Additionally, the proposal of Intel Technology, which envisages an investment of Rs. 169 crores, for expansion of activity as well as expansion of the company's capital base has been approved. L.G. Information Systems has also been allowed to hike its equity stake from 54.52 to 100 per cent. The company is involved in the manufacture of public switching systems, wireless local loop systems, CDMA terminals, and other transmission products. An official release states that the FDI proposals have been approved in various sectors.

Friday, 11 August, 2000