Financial Daily from THE HINDU group of publications
Tuesday, Dec 03, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 03, 2002 |
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Industry & Economy
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Foreign Direct Investment S&N plan for fully-owned arm cleared Our Bureau
NEW DELHI, Dec. 2 THE proposal of the UK-based Scottish & Newcastle Plc to set up a wholly-owned subsidiary in India with a capital base of Rs 400 crore in order to form strategic partnership with domestic liquor producer UB group was among the foreign direct investment (FDI) proposals cleared by the Minister for Disinvestment, Commerce and Industry, Mr Arun Shourie, here today. As per the proposal, the subsidiary of Scottish & Newcastle will invest Rs 390 crore to acquire equity shares and preference shares of UB Beer Ltd and McDowell Alcobev Ltd. A total of 15 proposals involving FDI worth Rs 490 crore were cleared today. The Minister also cleared US-based Scovill Fastners Inc's proposal to set up a wholly-owned subsidiary involving FDI worth Rs 32 crore for importing and wholesale trading through ex-bonded warehouse sales and cash-and-carry wholesale trading of apparels and industrial fastners manufactured by the parent company. The Government also permitted the amalgamation of Van Malle Confectionary India Private Ltd into Perfetti India Ltd involving FDI worth Rs 13.08 crore. Singapore-based Jurong Infra Global Pte too have been given the go ahead by the Minister to set up a wholly-owned subsidiary involving FDI worth Rs 27.30 crore to undertake designing, engineering, procurement and construction activities, project management and consultancy.
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