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Wednesday, March 04, 2009

Indian Government clears 29 FDI proposals

Worth Rs 616 crore

The government on Wednesday, 4 March 2009, approved 29 foreign direct investment (FDI) proposals that will bring in Rs 616.08 crore into the country, based on the recommendations of the Foreign Investment Promotion Board (FIPB). The proposals are related to various ministries/departments, namely, commerce, economic affairs, information & broadcasting, telecommunication, tourism, industrial policy & promotion, post, defence production, and urban development.

The Centre cleared AAPC Singapore's Pte plan to invest Rs 365.78 crore for constructing, developing, owning and managing Formule 1 hotels in India. AAPC will invest up to 100% in an Indian company by subscribing to equity/ fully convertible preference shares; and / or subscribe to fully convertible debentures.

Mumbai-based ABG Bulk Handling's plan to convert operating company into an operating cum holding company to make further downstream investment of Rs 90 crore, while Telcordia Technologies will invest Rs 45 crore for providing number portability solutions.

The cabinet approved a proposal by Hyderabad-based Astra Microwave Products to induct 26% FDI in a company proposing to engage in manufacture of licensed defence items. A proposal from Cinema Capital Ventures Fund to pump in Rs 50 crore and Poltrona Frau to bring in Rs 21.50 crore also received clearance.

However the Government deferred 19 FDI proposals, including the ones put forward by such prominent names like John Deere Construction, BNP Paribas Securities Services, Unitech, Thales Avionics, Yamaha Motor India, Quippo Telecom Infrastructure, Tanla Solutions and Hiranandani Realtors.

source: Capital Market


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