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FM cleares 25 FDI proposals

Special Correspondent

Guarniflon of Italy to set up Research and development centre through subsidiary

NEW DELHI: The Centre has permitted Guarniflon s.p.a of Italy to set up a research and development (R&D) centre through a wholly-owned subsidiary for the development of PTFE compounds, semi-finished and finished products and subsequent downstream investment in two joint ventures involving a foreign direct investment of Rs. 68.70 crores. Another FDI proposal approved pertains to Citicorp International Finance Corporation bringing in Rs. 32.30 crores in foreign exchange by way of an increase in non-resident Indian (NRI) equity from 19.01 per cent to 29.70 per cent to fund Mumbai-based Elder Pharmaceuticals for setting up facilities to manufacture pharmaceutical formulations in the form of tablets, capsules and liquids in Uttaranchal and Himachal Pradesh.

These two clearances are among the 25 FDI proposals approved by the Finance Minister, P. Chidambaram. The project proposals, involving a total FDI inflow of about Rs. 145.12 crores pertain to various sectors such as agriculture, animal husbandry and dairying, chemicals and petrochemicals, heavy industry, information technology and telecommunications although the major investments are in the field of chemicals and petrochemicals, health and auto industry.

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