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FIPB nods to expansion plan of HPCL-Total JV; German firm to float pharma unit

Hindustan Petro Chemicals Limited has been given the nod by the Foreign Investment Promotion Board to increase activities through its joint venture company with Total of France. A downstream company would be set up to manage other petroleum-related activities.

Germany-based Centre for Medical Innovation has been given the green signal to bring in Rs 142.5 million to set up a wholly-owned subsidiary in India for producing plant-derived pharmaceutical products. The approval is subject to biotech and environmental conditions.

Total Lubricants India Limited has been given the go-ahead to buy-out Anand Group Company's 49 per cent stake in lubricant producing joint venture by bringing in Rs 80 million.

These were among the 35 proposals approved today by the board, which amounted to a total foreign direct investment inflow of Rs 1 billion, sources said.

Pursuant to the buy-out, Total has been directed to divest 26 per cent holding in the company over the next five years. The joint venture is engaged in producing lubricating and greasing oils.

Carrier Refrigeration Private Limited has been allowed to convert its joint venture in India into a wholly-owned subsidiary by purchasing the 12 per cent stake held by two overseas commercial bodies.

The company would be infusing Rs 80 million to purchase the holdings of Taza Holdings Inc of the United States and Global International of Mauritius. The venture manufactures commercial refrigeration products.

However, the board deferred the decision on proposals by Swatch, IDG Books Worldwide and Denso-Kirloskar.

Macquarie Corporate Finance Limited of Australia is setting up a 50-50 joint venture by infusing Rs 20 million while the Centre for American Education will bring in Rs 1.1 million to pick up 50 per cent stake in a joint venture for providing in-house and corporate training.

In the software and electronics sector, Aarvee Information Systems is setting up a software development unit under the Software Technology Park Scheme by bringing in Rs 200 million.

The project would be a joint venture between a US-based company and 11 Mauritius-based companies. The other proposals approved in the segment include BC Components of the Netherlands and R Systems India Private Limited.

Fremantle TV India Production Limited has been allowed to buy out the 49 per cent holding of its Indian partner -- Purab Paschim India Private Limited -- for Rs 10 million. With this, the Indian venture would become a wholly-owned subsidiary of Fremantle.

UNI

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