| Date: |
25-03-2011 |
| Subject: |
India Clears 14 FDI Proposals Totaling INR 1290 Crore |
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The Indian government has cleared 14 proposals of foreign direct investment amounting to INR 1,289.85 crore.
An official statement said that these were based on the recommendations of the Foreign Investment Promotion Board during its meeting on March 11.
The proposals include INR 530 crore investment by Mauritius-based Ghir Investments for induction of foreign equity in an investing company and INR 715 crore by Dhunseri Investments of Kolkata to issue and allot equity shares to non-resident shareholders consequent upon demerger.
The other proposals include that of G+J International Magazines GmbH, Germany (publication and sale of speciality and life style magazines), Kyuden International Corporation, Japan (renewable power projects) and Pipavav Shipyard Ltd, Gujarat(defence sector).
However, 27 proposals were deferred, including that of Forbo Holding AG, Lindenstrasse, Switzerland, to set up a new wholly owned subsidiary to undertake manufacturing, sale, distribution, lease, import and export of power transmission belts, sophisticated conveyor and processing belts as well as some machines and tools.
Source : steelguru.com
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