The government cleared 22 foreign direct investment proposals worth Rs. 541.25 crore recommended by the Foreign Investment Promotion Board (FIPB). This includes proposal from Yamaha that included transferring of its Indian sales business to a new entity – India Yamaha Pvt. Ltd.
The Indian subsidiary of Japanese two-wheeler manufacturer Yamaha Motor India Sales Pvt. Ltd. has sought approval of the government to shift its sales operations to a new company which will be a wholly owned subsidiary of Yamaha Motor Co. Japan. Earlier this proposal was deferred by the Foreign Investment Promotion Board stating that the new company shall promote retail trading. The company later stated that it will not do any retail trading of bikes which helped to clear the proposal from the board.
The FDI proposal cleared by the government also includes proposal from Delhi-based Anant Raj Industries that has been given ex-post facto approval for issuance of warrants converted into equity shares worth Rs. 90.24 crore and Nokia to set up the first single-brand retail joint venture with HCL Infosystems to sell handsets and accessories.