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Finance Minister cleared 14 FDI proposals
May 30, 2008: The finance minister Mr. P. Chidambaram cleared 14 FDI proposals worth Rs.826 crore on the recommendations of Foreign Investment Promotion Board.
Among the major proposals, include, Rs.278 crore by Havells India, Rs.276.25 crore by Laqshya Media in allotment of equity shares. Other proposals include, Ager Hotels' Rs.212 crore investment for conversion of operating company into an operating cum holding company and Rs.30 crore by Riverside Home Developers' in the hotel sector. Fox Star Studios' plan for induction of foreign equity up to 100 per cent in a domestic company for production of movies and Rs.8 crore proposal of Mauritius-based EFX Holdings Ltd for picking up to 49 per cent stake in a company engaged in credit information services are among the other proposals cleared.
However, thirteen proposals including that of DLF Limitless Developers Ltd. were deferred by the FIPB.
Source: PIB