Initial estimates for Tsunami damage at Rs.5,322 crore
New Delhi: The financial loss due to the tsunami disaster for Tamil Nadu, Andhra Pradesh, Kerala and Pondicherry is about Rs5,322.05 crore, as per Government estimates.
This, however, excludes the damage assessment for Andaman & Nicobar Islands, which is in progress.

Tamil Nadu suffered a damage of Rs 2,730.7 crore, while damage in Andhra Pradesh has been assessed at Rs 720.73 crore.

The Government has assessed the damage in Kerala and Pondicherry at Rs 1,358.62 crore and Rs 512 crore respectively, a release said.
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Twenty-seven FDI proposals cleared
New Delhi: Government today cleared twenty seven foreign direct investment (FDI) proposals worth Rs581.11 crore. These include proposals of DaimlerChrysler, Mitsubishi Motors, Merck, Bank of America, Standard Chartered Bank and ING.

Of the FDI proposals cleared by Finance Minister P Chidambaram, the biggest was that of Mauritius-based Lightwood Investments. The company plans to invest Rs 274.81 crore in picking up 46.89 per cent stake in plastic watertank maker Sintex Industries.

The other major FDI proposal cleared by the Foreign Investment Promotion Board was that of Mauritius-based Third Millennium Investment, which is to invest Rs191.60 crore for picking up 49.50 per cent stake in Lanko Amarkantak Power.

US-based pharma firm Merck & Co plans to set up a wholly-owned subsidiary for an investment of Rs 66.97 crore.

Germany-based auto giant DaimlerChrysler has obtained FIPB nod for change in technology agreement for its Indian arm while Mitsubishi Motors of Japan got permission for amendment in technology agreement.

Dutch financial powerhouse ING plans to set up a new joint venture with 75 per cent holding for an investment of Rs11.25 crore.

Foreign banking majors BankAm and Standard Chartered Bank have got government nod for conversion of non-repatriable equity into repatriable equity.

FMCG company Cargill plans to set up joint ventures in India with Parakh Foods and Global Oils and Fats Ltd.
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