Govt Gave Green Signal To Pepsico (10-Jan-2010)
The government gave its approval to Pepsico Holdings Pvt Ltd to inject additional equity of USD 200 (around Rs 930 crore) million into its Indian arm within a time span of three years on Saturday.
This injection by Pepsico would take the total FDI by Pepsico into the country to $655 million.
The approval was given by the Cabinet Committee on Economic Affairs at its meeting here today.
The government last month has given its nod for nine proposals that will result in inflow of Rs 524 crore of foreign investment, which is more than half of which would be contributed by Japan''s Mitsui and Company to set up warehousing and container freight stations in the country.
Mitsui plans to make an investment of Rs 326 crore to set up a wholly-owned subsidiary in warehousing segment and a joint venture company in the container freight stations sector. However, the government deferred the proposal by US-based Telecordia Technologies for mobile number portability following concerns raised by the home ministry.
The six other proposals along with it were also deferred, including US-based Verizon Communications'' plans for transfer of equity shares. However, the government also rejected five proposals including Bangladesh-based Southern CNG Automobiles plan following the recommendations of Foreign Investment Promotion Board (FIPB). The government approved a proposal by Diageo, the world''s largest liquor manufacturer, to acquire fully its joint venture with Radico Khaitan.
Besides this, the government last month had gave its nod to Indium to make an investment of Rs 2,500 crore (about USD 500 million) in a fund managed by IVF. Indium is a Mauritius-based fund house eyeing to invest in a fund managed by private equity firm India Value Fund (IVF).
The Cabinet Committee on Economic Affairs (CCEA) last month gave a clean cheat to the proposal of Indium IV (Mauritius) Holdings as recommended by the Foreign Investment Promotion Board (FIPB) to invest in IVF.
Moreover, last month, the government gave its nod for the six proposals for setting up SEZs that includes gems and jewellery SEZ by Delhi State Industrial and Infrastructure Development Corporation. The government gives the formal approvals to three information technology (IT) SEZs by the Delhi State Industrial and Infrastructure Development Corporation at Baprola village (Delhi) as well as the Uralungal Labour Contract Cooperative Society Limited at Nellikode village in Kozhikode (Kerala) and Empire Industries at Ambernath in Thane district (Maharashtra). The Corporation had requested for an IT SEZ and gems and jewellery SEZ at Baprola in New Delhi.
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