The government on Wednesday approved 29 foreign direct investment (FDI) proposals worth Rs 616 crore including AAPC Singapore's Rs 365 crore hotel project.
AAPC plans to set up a wholly-owned subsidiary in India for its hospital-ity venture, a finance ministry statement said.
The government has also allowed ABG Bulk Handling's plan to convert its operating company into an operating- cum-holding company. It pro-poses to make downstream investments of Rs 90 crore.
Other proposals cleared by the government include Rs 50 crore invest-ment proposal of Cinema Capital Ventures Fund, US-based Telcordia Technologies’ plan to induct foreign equity up to 74% in the mobile number portability solutions business and Telcordia plan to invest Rs 45 crore in its Indian operation.
Poltrona Frau's proposal to set up a single brand retail joint venture (JV) with Tata group company Eward also got the government’s nod, the statement said. The foreign company would invest Rs 21 crore in the proposed JV.
FDI proposals are cleared by the government on the basis of Foreign In-vestment Promotion Board’s (FIPB) suggestions. The board, constituted by the top officials of economic ministries, screens such FDI proposals where prior government approval is required.
The FIPB, however, deferred Gurgaon-based real estate company Unitech’s proposal to make downstream investments in real estate sec-tor.
It also deferred 18 other applications including FDI proposals of John Deere Construction, BNP Paribas Securities Services, Yamaha Motor In-dia, Quippo Telecom Infrastructure and Hiranandani Realtors.
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