Government okays 22 FDI proposals

October 18, 2006	(Be the first to rate this story!)  Loading ...
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New Delhi: The Centre has approved 22 foreign direct investment (FDI) proposals worth Rs 896.25 crore ($198 million), including a Rs 511-crore investment plan of Singapore-based Solitaire Capital Investments Pte and Solitaire Ventures Pte in India’s booming real estate sector.

The Finance Ministry also cleared Mauritius-based power producer Bijlee Bharat Holdings’ plan to set up a subsidiary in India with an initial investment of Rs 308 crore, which will invest in multiple power plants.

The proposals were cleared by Finance Minister P Chidambaram on the recommendations of Foreign Investment Promotion Board.

The plans approved on Tuesday also include a plan by NSK Limited of Japan which has committed Rs 41.25 crore to set up a new JV in Chennai to manufacture magnetic clutch bearings and ball bearings.

Roaring retail…

Spain-based Lladro Commercials S.A. will pump in Rs 5.85 crore for increasing its equity in Spa Agencies (India) from 26 per cent to 49 per cent.

Additionally, the government also cleared two more proposals in the retail sector.

These include Sri Lanka-based Damro Exports Pvt Ltd’s proposal to sell furniture under the single brand name ‘DAMRO’ and Italian firm Rino Greggio’s plan to set up a joint venture for selling silverware and other allied products.

UK-based Alpha Airport Group’s proposal to establish a wholly-owned subsidiary for setting up duty-free shops, flight kitchens and food and beverage outlets at airports in the country at an investment of Rs 22.5 crore was also approved.

A proposal by the Netherlands-based Diageo Highlands Holdings to set up a joint venture for manufacturing liquor received clearance as well.

Tele-funds allowed

The government also gave its nod to Aircel Cellular Ltd and Dishnet Wireless Ltd to accord the conformity approval to the acquisition of 73.99 per cent stake by Mauritius-based Global Communications Service Holdings, which is owned by Malaysian telecom firm Maxis.

Other proposals that were cleared include Bermuda’s Mandarin Oriental Ltd’s plans to set up a wholly-owned arm for providing consultancy services in hotel and tourism sector.

In the media field, a proposal by Reed Elsevier Overseas of The Netherlands to set up a joint venture for publishing six magazines was also cleared by the Central Government.

Source: Mumbai Mirror Bureau
http://www.mumbaimirror.com

News Published Under:   Foreign Direct Investment in India |

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