12 FDI Proposals Approved by Indian Gov.

By admin • August 10th, 2010

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According to the Indian Finance Ministry, the government has cleared 12 proposals for FDI believed to be worth over US $490m based on recommendations of the Foreign Investment Promotion Board.

The majority of this investment is expected to come from KKR Mauritius Cement Investments and City Union Finance. KKR Mauritius Cement Investments is expected to invest US $154m through generation of foreign equity in an investing company, whilst City Union Finance will invest US $150m through issuing warrants.

Other investments are expected from Alexandria Real Estate Equities in the USA who will invest around US $108m for facilities for medical professionals and Toyota Tsusho Corporation who will invest US $6m to set up a joint venture company for manufacturing, fabricating and processing steel products.

The finance ministry deferred a decision on 15 proposals and rejected three, which came from DVA India Chemicals, Alligator Ventilfabrik GmbH and Simplast India. The deffered proposals came from DLF Limitless Developers, Etisalat DB Telecom, Zee Entertainment Enterprises, Lakshmi Machine Works, Kal Media Services, Jeevan Telecasting, Karuturi Global, Advanta India, Verizon Communications India, Pran Beverages, Bharat Broadcasting Network, Asian Genco, Essar Capital Holdings, Alan Dick & Co, and Starcom India Telecom.

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