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Non-Tech : ICICI Ltd - (Nyse: IC)

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To: Mohan Marette who wrote (111)2/11/2000 1:43:00 PM
From: Mohan Marette  Read Replies (1) of 494
ICICI Bank's proposal for issue of ADRs cleared.

11-02-2000 18:53:48

FDI proposals worth Rs11.6bn cleared

The Commerce and Industry Ministry today approved 62 foreign direct investment (FDI) proposals worth Rs11.60bn ($266mn). A government statement said, the proposals cover various sectors like high quality seeds, bulk drugs, computer software, infrastructure development, Internet, banking, airlines, e-commerce.

It said ICICI Bank Ltd`s proposal for issue of American Depositary Receipts/Global Depositary Receipts has been cleared by the government. The statement added the FDI involved in the ICICI Bank proposal is Rs5.37bn.

It said the government had also allowed South African Breweries International Asia B.V. Netherlands to set up a joint venture holding company for further investment in the brewery sector. The total FDI is Rs2.12bn, and includes 60% foreign equity and 25% to be held by non-resident Indians.

Portals Ltd, England has been allowed to set up a banknote paper manufacturing utility involving FDI of Rs1.20bn. Portals would hold 74% of the equity, the statement said.

HSBC Electronics Data Processing India Ltd has been allowed to set up a wholly-owned data processing unit. The foreign investment in this proposal amounts to Rs225mn, the statement said.

BBDO Asia Pacific Ltd have been permitted to increase its equity to 49% from 20.10% in its venture to produce and market television serials. The foreign investment is worth Rs87mn.

A proposal by ModiLuft Ltd to bring in foreign investment worth Rs750mn in its domestic airline services has also been approved by the government.

A proposal by Metropolis Gas Company Ltd of the United States to develop a liquefied natural gas regassification terminal has been given the go-ahead. Metgas, a subsidiary of Enron Corp, has been established to set up a pipeline network in western India.

The government allowed Telnet Corporation of the United States to establish a wholly-owned independent e-service management center with an investment of Rs43mn.

Source: Reuters
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