Russia-based JSC Technochim Holding plans JV with Saraf Agencies of Kolkata

The Central Government has permitted a Japanese petrochemical consortium led by Mitsubishi Chemical Corporation to go ahead with a foreign direct investment of Rs. 342 crore (USD73.1m) for the manufacture, marketing, sale and distribution of purified terephthalic acid (PTA) in West Bengal.

The venture, in collaboration with Kolkata-based MCC PTA India Corp., includes Japan-based Sojiz, Marubeni. Toyota Tsusho and Sumikin Bussan are the other members of the consortium.

Another proposal approved pertains to Russia-based JSC Technochim Holding setting up a joint venture with Saraf Agencies of Kolkata for the manufacture of titanium products at Chhatrapur in Orissa. The FDI inflow is estimated at Rs 192.50 crore (USD41.1m).

These two ventures are among the 26 FDI proposals worth Rs. 992.84 crore (USD212.2m) in foreign investment which were approved by Finance Minister P. Chidambaram on the recommendation of the Foreign Investment Promotion Board (FIPB). The major investment proposals relate to sectors such as industry, chemicals and petrochemicals and petroleum and natural gas.

Among the other major clearances, U.K.-based BG Energy Holdings Limited has been allowed to set up three new wholly-owned subsidiaries in Andhra Pradesh, Karnataka and Tamil Nadu for developing gas distribution and transmission infrastructure as also distribution, supply and sale of piped natural gas to domestic to commercial and industrial customers and compressed natural gas (CNG) to natural gas vehicle customers. The three subsidiaries in the three States are to involve an FDI component of Rs. 135 crore (USD 28.8m) each.

Another venture approved pertains to U.S.-based Timken Company which has been allowed to invest Rs. 49.50 crore (USD10.6m) for setting up a wholly-owned subsidiary in Chennai for the manufacture, marketing, sale and distribution of highly engineered specialised bearing products.