The government has approved car maker Maruti Suzuki''s plan for a joint venture
with Japan''s Futaba Industrial Co to make auto parts.
will hold 51 per cent for an initial investment of Rs45.9 crore in the proposed
venture with Maruti for making auto exhaust system components, the finance ministry
said in a statement.
joint venture was one of the 13 foreign direct investment proposals worth Rs393.36
crore cleared by the government.
Japanese firm Mitsubishi Corp''s subsidiary, Metal One Corp, got approval to buy
up to 5 per cent in a joint venture where Tata Metaliks will hold 51 per cent
and Kubota Corp of Japan will have 44 per cent.
brewer Carlsberg got the green signal to buy a 60 per cent stake in privately
owned Indian company Parag Breweries through its Indian subsidiary South Asia
biggest FDI proposal cleared was that of Aster Infrastructure, which has been
allowed to sell a 72.5 per cent stake in its telecom infrastructure company to
foreign firms for Rs233 crore.
Energy and Infrastructure plans to sell a 70 per cent stake to foreign firms for
minister P Chidambaram approved the proposals on the basis of recommendations
by Foreign Investment Promotion Board, an official statement said.
proposals by Premier Travel Inn India Ltd, UK, Denso Kirloskar Industries Ltd
and MTV India Ltd have been sent to project approval board since they related
to only royalty payment for technology transfer or brand payments only. No FDI
was involved in these proposals.
other companies Devas Multimedia Ltd, Manipal Universal Learning Ltd, Bangalore
and IBSS Techno Park Ltd have been asked to approach RBI with their proposals
since there were certain "technical irregularities", official sources