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18 FDI proposals worth Rs.1,553 crore cleared
March 15, 2008: The government has approved 18 foreign direct investment (FDI) proposals that will bring in Rs.1,553 crore. The Foreign Investment Paromotion Board (FIPB) approved the proposals at a meeting held on March 7, 2008.
Among the major proposals include Essar Capital's Rs.560 crore investments, Cyprus-based commercial lending company Melbrook Ltd's Rs.125 crore to change its status from operating company to operating-cum-holding company. Kolkata-based company Bharat Connect got an approval for bringing in Rs.250 crore through change in the status of operating company into operating-cum-holding-company to make downstream investments in NBFC companies.
The government has, however, rejected four FDI proposals. Seven proposals have been deferred, including those from Singapore-based Singtel Australia Pte Ltd, and KNOB Holding Pte Ltd. Single's proposal was to set up long distance telephony services. And two SDI proposals have been recommended for consideration of the Cabinet Committee for Economic Affairs.
Source: pib.nic.in