The Hindu Business Line : Maruti among FDI approvals

THE proposal from Suzuki Motor Corporation to disinvest 65,80,181 shares in Maruti Udyog Ltd to resident Indian and non-residents was cleared by the Minister for Finance and Company Affairs, Mr Jaswant Singh, here on Thursday paving the way for Maruti's forthcoming IPO.

A total number of 47 projects involving FDI worth Rs 285 crore was approved by the Minister today.

The proposal from Hewitt Internal Services (India) Pvt Ltd, a wholly-owned subsidiary of the US-based Hewitt Associates, to set up an exclusive business process outsourcing centre involving foreign direct investment (FDI) worth Rs 120 crore was cleared by the Minister.

The projects cleared by the Minister also include a Rs 20-crore investment proposal from the Singapore-based Borouge Pte Ltd in its Indian subsidiary Borouge India Private Ltd for carrying out the business of wholesale marketing, distribution, supply, import, export and distribution of high performance polyolefin products.

The Minister has also approved Singapore Computer Systems Ltd to increase its stake in Kshema Technologies Ltd from the present 30 per cent to 32 per cent involving FDI worth Rs 45 crore.

Deutsche Post International BV's plan to take 49 per cent stake in Lemuir Logistics Private Ltd involving FDI worth Rs 53.72 crore too was okayed by the Minister.

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