The Hindu : Business : NRI group to bring in Rs. 220 crore

Online edition of India's National Newspaper
Wednesday, Jun 15, 2005

Business

Business

NRI group to bring in Rs. 220 crore

Special Correspondent

NEW DELHI: The Centre has permitted a group of non-resident Indians (NRIs) and People of Indian origin (PIOs) to bring in Rs. 220 crore as foreign direct investment (FDI) in Solitaire Capital India, a Delhi-based venture capital fund.

Sanlam Life Insurance Ltd of South Africa has been allowed to bring in Rs. 82.50 crore to assist its Indian partner, Sriram Life Insurance Company of Chennai, in the acquisition of shares of a Hyderabad-based company engaged in life insurance.

The Finance Minister, P. Chidambaram, on Tuesday approved these two proposals along with 17 others accounting for a total FDI inflow of Rs 444.80 crores on the recommendations of the Foreign Investment Promotion Board (FIPB).

Seoul-based Hyundai Mobis has been given the go-ahead to set up a 100 per cent subsidiary in Tamil Nadu with an FDI of Rs. 59.70 crore for the manufacture of passenger cars and commercial vehicles.

New Vernon Bharat of Mauritius has been permitted to bring in Rs. 30 crore and join hands with Kanpur-based Jagran TV Private Ltd. for uplinking of a TV channel having news and current affairs content. Another FDI approval relates to Chennai-based BioGenomics in which R. M. Parakh, Bakul S. Mehta and Suleiman Al Harthy plan to invest Rs. 27 crore for acquisition of shares. Sanyo Electric Co. Ltd, Osaka, Japan, has been allowed to set up a WoS with an FDI of Rs. 21.65 crore for undertaking `cash and carry' wholesale trading in the Sanyo brand consumer durables.

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