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Finance ministry cleared 20 FDI proposals
April 08, 2008: The Finance Ministry has cleared 20 foreign direct investment proposals worth Rs.1,962.05 crore in its recent meeting held on April 07, 2008.
The proposals, approved by the Finance Minister, Mr. P. Chidambaram, on the recommendation of Foreign Investment Promotion Board, also include Rs.924 crore proposal of UTV Software Communications Ltd., Lafarge India's plans for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd. Two proposals - Essar Power, Mumbai and AXIS Pvt Equity, Mumbai - have been recommended for consideration of the Cabinet Committee on Economic Affairs as each of these proposals exceeded Rs.600 crore.
PSA India Pte Ltd, Singapore's Rs.240 crore FDI proposal for induction of foreign equity up to 49 per cent by way of preferential allotment of compulsorily convertible preferential shares. The government gave a green signal to the Rs.300 crore FDI proposal of Mauritius-based GS Strategic Investment Ltd for induction of foreign equity up to 20 per cent in a company engaged in commodity broking, besides other activities.
However, eight FDI proposals have been deferred, including that of Singapore-based Delight Investments, Sumitomo Heavy Industry, Meta Telecom, and Aster Infrastructure.
Source: PTI