Australia’s Biscuit Manufacturer establishes plant in India
Australia's speciality biscuit manufacturer UNIBIC is making Bangalore its production hub to cater to the markets in South-East Asia, the Middle East and to some extent the UK. UNIBIC has established a Rs 15-crore biscuit making plant and is expecting shipments to these regions to start in the next six to 12 months. UNIBIC has two manufacturing plants at Melbourne and the only one outside Australia is located here which uses Australian technology. The company estimates that making biscuits here is cheaper than Australia by 35 per cent. Quinn says exports were expected to contribute 50 per cent of the sales generated from the Bangalore plant in the next five years.
The company, which currently employs 182 Indians at its plant here, is manufacturing two cookie brands -- ANZAC and Bradman.

25 FDI proposals worth over Rs 145 crore cleared
The government has approved 25 foreign direct investment proposals, including those of Citicorp International Finance and Suzuki Motor Corporation that will bring in Rs 145.12 crore into the country. The proposals, cleared by FM P Chidambaram on the recommendation of Foreign Investment Promotion Board, also include setting up of a wholly-owned subsidiary by Italy-based Guarniflon Spa for R&D of polytetrafluoroethylene compounds, semi-finished and finished products. The proposal is for Rs 68.70 crore of FDI. Suzuki will bring in Rs 12 crore FDI for setting up a new joint venture in Haryana with 30% foreign equity participation. The JV will manufacture and sell four-wheelers of Suzuki , vehicle parts and accessories.

Govt clears US$ 833 mn realty JV proposal
The government has approved the joint venture between Dubai-based Emaar Properties and Delhi’s MGF group for the development of integrated township projects.
The venture, a $833 million project, is the largest foreign direct investment proposal in real estate in India so far. It will focus on building residential apartments, commercial properties and infrastructure like roads and mass rapid transportation systems. Emaar plans to make all its future real estate investments in India through the joint venture with

the MGF group, which has built, and manages, shopping malls like Metropolitan and Plaza in Delhi.

Govt approves 20% FDI in FM radio
The information and broadcasting ministry has cleared a proposal for 20% FDI in the FM radio sector, but will maintain the ban on news and current affairs programmes. The announcement was by I&B minister S Jaipal Reddy on the sidelines of a conference organised by Assocham. Currently, FII investment up to 20% of the equity capital is allowed, but FDI is strictly not permitted. He said that the ministry has worked out a policy package for private FM radio and sent it to various concerned ministries for incorporating their views before it is taken to the Cabinet for final approval. He said the ministry has decided to limit the FDI level at the existing FII cap. However, he said the government was not open to the idea of allowing news and current affairs on private FM radio.

FM hints at 49% FDI limit in insurance
The government intends to hike FDI cap in insurance from 26% to 49%, and is working on ways to allow foreign investment in retail, according to finance minister P Chidambaram. India received Rs 14232.42 crore (Rs 142.32 billion) worth of foreign direct investment in the first nine months of the current fiscal as opposed to Rs 12117.36 crore (Rs 121.17 billion) FDI received in the whole of 2003-04 fiscal. Minister of State for Commerce and Industry E V K S Elangovan informed the Rajya Sabha in a written reply to a question that the highest FDI of Rs 2482.74 crore (Rs 24.83 billion) was received in electrical equipment (including computer software and equipment) manufacturing.
India has since 2000-01 received Rs 73288.08 crore (Rs 732.88 billion) of FDI, the highest being in 2001-02 when it got Rs 19360.82 crore (Rs 193.61 billion) from overseas investment. In April-December 2004-05, drugs and pharmaceuticals sector got FDI worth Rs 1330.99 crore (Rs 13.31 billion), Rs 1142.64 crore (Rs 11.43 billion) in consultancy services and Rs 808.42 crore (Rs 8.08 billion) in metallurgical industries, he said. "Top five sectors attracting FDI inflow since 2000-01 are electrical equipments, telecommunications fuel (power and oil refinery), transportation industry and services sectors," he said.

McDonald's to invest US$92.9 mn
Mc Donald opened its first store in 1996, and now it is on its way making net profit this year and has lined up investments to the tune of Rs 400 crore for expansion in new cities. So far, the Indian venture has seen investments of Rs 800 crore. McDonald's currently has a total of 70 stores in India, apart from four Express stores and six Kiosks. By end of 2006, we have planned to take the strength of full-menu restaurants to 100 while having 15 Express stores and 18 kiosks. The company is also expanding presence on national highways, expressways, airports and railway stations.

Diamond Majors Eye India
India has emerged as the largest diamond cutting and polishing centre in the world having 60 per cent share in terms of value, 85 per cent in terms of volume and 92 per cent in terms of pieces in world's net imports of cut and polished diamonds. Approximately, 11 out of 12 diamonds sets worldwide are cut and polished in India. Around 23 per cent of country's the exports go to the US. Gem and jewellery exports during 2004-05 increased 29.27 per cent to 15.67 billion dollars compared to 12.12 billion dollars in the previous fiscal. Exports of cut and polished diamonds, which contribute about 72 per cent of the total exports in this sector, rose by 29.60 per cent to 11.18 billion dollars in 2004-05. Global jewellery major Tiffany is exploring the possibilities for setting up of a processing unit for diamonds in India.

Hyundai Electronics plans US$22.8 mn manufacturing plant
In a bid to increase its market share in the domestic consumer durables sector, Hyundai Electronics India is planning to set up a manufacturing facility in the country at an investment of Rs 100 crore.
"The plant would be coming up in Uttaranchal by the end of the current year and will manufacture CTVs, air-conditioners and DVD players. We will also be setting up an R&D centre at the plant. At the same time, we plan to set up an R&D centre in China in joint collaboration with Hyundai Electronics, Korea," said Mr Pavan Bhargava, COO, Hyundai Electronics India. The capacity at the proposed plant would be 1.2 million units for CTVs, 0.3 million for DVD players, and 0.2 million units for air conditioners.