Wednesday, April 9, 2008

Indian government clears 20 FDI proposals

by Jo Black

Indian Finance Minister, Mr. P. Chidambaram has approved 20 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on 28th March, 2008.

The approval amounts to Rs. 19.6205 billion ($516.3 million).

The proposals are related to Ministries/Departments, namely Commerce, Heavy Industry, Industrial Policy & Promotion, Information & Broadcasting, Telecommunications and Economic Affairs. The major investment proposals pertain to the Ministries/Departments of Information & Broadcasting Telecommunications and Economic Affairs.

Two proposals viz., M/s. Essar Power Limited, Mumbai and M/s. AXIS Private Equity Ltd, Mumbai have been recommended for consideration of CCEA, as the investment in the two proposals is more than Rs. 6 billion ($157.8 million) each.

 

 

 

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