Tuesday, September 19, 2006

A Rain Of FDIs!

That India is emerging as a favourite destination for foreign direct investment (FDI) was never in doubt. But when FDIs worth Rs 990 crores ($220 million) for 18 projects are approved by the Foreign Investment Promotion Board in one go, it becomes music for India. According to a news report appearing in Economic Times, the investments are lined up as follows.
The Japanese giant in chemicals - Mitsubishi Chemicals will be investing Rs 380 crores ($90 million) in West Bengal for manufacture, marketing and distribution of purified terephalic acid (PTA). Two American private companies in partnership with Adventity, BPO will set up a voice-based call centre in Mumbai with an investment of Rs 250 crores ($55 million). For manufacture of Titanium Dioxide, Russia's JSC Technochim will set a JV in Orissa with 55% equity out of Rs 190 crores ($40 million) investment. Other investments will be made by British Gas for setting up wholly-owned subsidiaries in Andhra Pradesh, Karnataka and Tamilnadu.
Heavy rains may still be causing inconvenience to many in some parts in India, but when it comes to FDIs - more the merrier!

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