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NEW DELHI, March 25

THE Government today cleared 29 proposals involving foreign direct investment (FDI) worth Rs 262 crore. The Minister of Finance and Company Affairs, Mr Jaswant Singh, has approved the proposals recommended by the Foreign Investment Promotion Board (FIPB).

The major investment proposals pertain to chemicals and petrochemicals, information technology, textiles, road transport and highways, telecommunications and manufacture of air compressors.

The proposals include Biopharm Laboratories' plan to increase foreign holding in the company from the present 49 per cent to 80 per cent involving FDI worth Rs 16.18 crore.

Atlas Copco (India) Ltd has been permitted to increase foreign holding in the company from the existing 50.99 per cent to 100 per cent with infusion of fresh funds worth Rs 134.35 crore from its parent company Sweden-based Atlas Copco AB.

The UK-based Angel Foundation's proposal to set up a wholly-owned subsidiary involving FDI worth Rs 28 crore too has been okayed by the Minister.

The Government has also allowed increase in foreign holding in Pouyet Communication India Private Ltd from the present 51 per cent to 100 per cent involving FDI worth Rs 10.70 crore.

SIV Industries has been permitted to increase foreign equity in the company from the present 19.17 per cent to 28.70 per cent involving FDI worth Rs 13.21 crore.

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