Fresh Surge of FDI

A whopping Rs.2,339 crore will come by way of foreign direct investment (FDI), with the Finance Ministry agreeing to 10 proposals recommended by the Foreign Investment Promotion Board.

Investment banker Morgan Stanley, Mauritius alone accounts for Rs.1, 894 crore in shares and convertible preference shares of Morgan Stanley India to conduct stock broking, merchant banking and non-banking financial activities.

Daimler Chrysler will expand its operations in India with fresh foreign investment in its manufacture of chassis for heavy vehicles. Luxocitta Highland will set up a wholly owned subsidiary to establish its eyewear business in India, while Rakindo Developers of Chennai will invest in a joint venture for investments in the construction industry. EMAP Publishing will invest Rs.4.81 crore in Next Gen Publishing.

The Finance Minister also approved the proposals of Power Supply Systems Holdings, Furukawa Electric Company, Perfect Glazing and Trivandrum Construction and Developers.

Photo: Hyderabad Streets in 2005 by melgupta, licensed under CC BY-SA 2.0, via Wikimedia Commons.