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Government clears 25 FDI proposals worth Rs.5,585 Crore
February 13, 2008: The government approved 25 Foreign Direct Investment proposals worth Rs.5,584.82 Crore in various sectors.
The major proposals approved by Finance Minister P Chidambaram includes a Rs.1,950 Crore investment plan of Bycell Communications for starting mobile telephony, Rs.1,460 Crore plan of J M Financial Trustee for induction of foreign equity by subscribing to private placement of units.
Among other major proposals, Mumbai-based Dumeric Holdings Pvt Ltd's Rs.400 Crore proposal to convert status of operating company into operating cum holding company for making further downstream investments was also cleared. Another proposal of same amount that was cleared was of KVK Energy & Infrastructure Pvt Ltd for induction of foreign equity in a company by way of subscription to fresh equity shares, fully convertible debentures or preference shares.
Source: Zee News