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Government nod for 34 FDI proposals
January 31, 2008: The government approved 34 foreign direct investment (FDI) proposals worth Rs.2,288.40 Crore in various sectors. The major proposals include, Global Asset Holding Corporation's Rs.580 Crore investment plan in telecom sector, and UTV Software Communication Ltd's Rs.400 Crore Foreign Currency Convertible Bonds (FCCB) issue.
The investment proposals approved on the recommendations of the Foreign Investment Promotion Board (FIPB) include a Rs.400 Crore plan by Cyprus-based Lakecrest Ltd for conversion of its operating company into a holding firm.
The proposal of Coca-Cola subsidiary Hindustan Coca-cola Private Ltd has been referred to the Cabinet Committee of Economic Affairs (CCEA).
Source: The Hindu