NEW DELHI, NOV 10: Volvo's proposal to infuse $ 22 million (about Rs 95 crore) into its Indian venture, is among 43 foreign investment proposals worth Rs 233 crore, cleared by the government. Industry Minister Murasoli Maran also cleared proposal of Bharati Tele Spatial Ltd to set up a company to participate in telecom ventures in the country with a foreign investment of Rs 43 crore, an official statement said today.The foreign partner would hold 20 per cent stake in Bharati Tele Spatial Ltd. Among the cases cleared, on the recommendations of Foreign Investment Promotion Board (FIPB), was a proposal of Infotech Enterprises Ltd to increase the foreign equity from 12 per cent to 26 per cent.
Infotech Enterprises, engaged in a wide range of services from software development to internet applications, would infuse a foreign investment of Rs 34.15 crore to increase the stake. The minister cleared the proposal of travel goods major Samsonite to increase its stake in its Indian venture from 60 per cent to 65 per cent.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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