3 March 2001

FDI proposals worth Rs 713 crore cleared
New Delhi: The government on Friday cleared 34 foreign direct investment (FDI) proposals worth Rs 713 crore, including the Rs 35-crore proposal of Fosters India Ltd. and Rs 31.18-crore proposal of Tata Asset Management.

Fosters India Ltd.'s Rs 35-crore FDI proposal to carry on the business of making beer involves issuing of redeemable non-cumulative preference share. The Rs 31.18-crore FDI proposal of Tata Asset Management Ltd is 50 per cent of investment required for carrying out financial advisory services.

The government has also cleared a proposal of SRF Ltd. for manufacture and sale of nylon industrial yarn, cord, fabrics, industrial fabrics and leather auxiliaries. The SRF proposal however, does not involve fresh inflow of foreign investment. Lufthansa Cargo Indian Pvt. Ltd.'s Rs 1.25 crore FDI proposal involving increase in foreign equity from 95 per cent to 100 per cent for international air cargo transportation was also amongst the proposals cleared.

2 March 2001

RBI cuts interest rates
New Delhi: The Reserve Bank has cut its key interest rate by 0.5 per cent on Thursday, in quick follow up of Budget proposals which has sought to raise growth and trim the fiscal deficit.

The half-point cut in the RBI's Bank Rate to 7 per cent – is the the second reduction in its benchmark rate in the last two weeks. The RBI's rate cut is widely expected to spur investments.