India approves 42 foreign investment proposals worth 2.18 bln rupees

08 July 2002

Commerce Minister Murasoli Maran approved 42 foreign investments proposals in India worth 2.18 bln rupees.

The proposals include one from Mauritius-based Rama Mines which seeks approval for investment of 500 mln rupees for setting up a wholly-owned mining exploration company.

The government also approved the proposal of French firm Aldes Aeraulique for investing 250 mln rupees for a local subsidiary dealing in air diffusion, quality and management services.

US-based Owens Corning Co, which makes fibre glass, was allowed to increase its stake in a domestic subsidiary to 72 pct from 61 pct by investing 73.5 mln rupees.

Franklin Templeton Asset management company also got an approval for acquiring 100 pct of domestic firm Pioneer ITI.

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