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North Airways, Fabmart among Rs. 100 cr. FDI proposals

By Our Special Correspondent

NEW DELHI, OCT. 7. The Commerce and Industry Minister, Mr. Murasoli Maran, has approved 21 cases of foreign direct investment estimated at about Rs. 100 crores including a proposal for setting up a non-scheduled airline operation by North Airways.

The proposal by North Airways envisages an investment of Rs. 19.84 crores and foreign equity holding of 74.50 per cent for undertaking airline activities. Another proposal by Fabmart for Internet related services entails foreign investment of Rs. 45.50 crores with foreign shareholding of 10.78 per cent.

The proposal of Enercon Wind Farms was also approved for setting up independent wind farms at a cost of Rs. 22.94 crores. The venture will have a foreign equity share of 74 per cent.

Other projects cleared include that of Emuge India for issuing Rs. 3.27 crore of cumulative redeemable preference shares. The project is for design, manufacturing and marketing of high quality cutting tools and tooling systems and trading.

Kinetics Technology proposal for increasing the foreign equity stake from 50 to 100 per cent has also been cleared. The investment is for production of super heaters, gas generators and furnaces. Similarly Ready Test Go has been allowed to increase foreign shareholding from 99.97 per cent to 100 per cent undertaking web-site testing and software development.

In the food processing sector, Herbalife International has been permitted to expand activities in trading, marketing of nutritional food products and personal care cosmetics. Deep Food has also been allowed to invest Rs. 60 lakhs in a venture to produce ethnic foods by setting up a wholly owned foreign company.

In a similar manner, Dishnet DSL has been allowed to expand activities in value-added telecommunication services while Oxford India can now source, sell and export ready-made garments.

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