CHENNAI, January 22: The Union government would be targeting a foreign investment inflow of $5 billion in 1998 too, said Union minister for industry Murasoli Maran. This should be increased to $ 10 billion in the next year, he added. Addressing the foundation stone laying ceremony of French multinational Saint-Gobain's flat glass project at Sriperumbudur, 58 kms from Chennai, here on Thursday, he noted: "We welcome foreign investment as it brings with it not only advanced technology and capital, but also provides job opportunities."Under the United Front regime in the last 16 months, the Foreign Investment Promotion Board (FIPB) approved investment proposals worth Rs 80,208 crore. Tamil Nadu accounted for investment proposals worth Rs 5,670 crore.
The foreign investment inflow of $4 billion during the calendar year 1997 was 60 per cent more than that of the previous 12 months. Maran also said: "There is always a time lag between approvals and actual inflow of the investment."
Turning his attention to
Tamil Nadu, the Union minister and senior DMK leader who is the sitting Member of Parliament from Central Chennai said: "In the last 18 months, the state signed 623 Industrial Entreprenuers Memorandum (IEM) with a capital investment of Rs 9,198 crore. Tamil Nadu also issued Letter of Intents (LoI) to 136 proposals worth Rs 1,812 crore during the same period. The IEMs and LoIs are humble achievements of the United Front." As many as 1.2 lakh new job opportunities will be created. In conclusion, he said Saint Gobain's glass project was at last taking off after initial problems regarding the land allotment for it. Now, the company should aim at making the plant a launch-pad for its exports.
In his speech, Tamil Nadu chief minister M Karunanidhi said: "I am really happy that such a big and famous company (Saint-Gobain) is putting up a project in Tamil Nadu. This has become possible because of the transparent policy of our government and the excellent co-operation of the industries department, Sipcot and Tamin.
I am specially happy that this is the largest French investment in India."
Saint-Gobain to invest $ 300 mn
CHENNAI: French multinational Saint-Gobain plans to invest $300 million in India during the next three to five years.
This was stated by Anand Mahajan, Indian representative for Saint-Gobain at Sriperumbudur, 58 km from here, on Thursday at the stone-laying ceremony of the proposed Rs 450 crore flat glass plant of the company. "We will bring all our businesses to India as it is as important as China is to us," he said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
