Indian Gov. Approves 24 FDI Proposals

By admin • September 23rd, 2010

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The Indian Government today (Thursday) approved 24 proposals for Foreign Direct Investments in the country estimated to be worth Rs27.27bn. The government approved the FDI’s based on recommendations from the Foreign Investment Promotion Board (FIPB).

The Finance Ministry has cleared an Rs11bn plan by Singapore-based Asian Genco Pte Ltd. to allow them toset up an investing company in India and approved a proposal by Housing Development and Infrastructure Ltd., Mumbai (HDIL) to issue warrants worth Rs7.47bn. HDIL project services include real estate development, commercial & retail projects, slum rehabilitation & development and airport development.In addition, NDTV Lifestyle Holdings Pvt. Ltd. was also given the approval to induct foreign equity worth Rs1.86bn.

FDI approvals were also given to companies in Europe as German based Putzmeister Concrete Pumps GmbH received an approval for setting up a wholly-owned subsidiary to carry out manufacturing, marketing and sale of concrete pumps, other related products, besides and after-sales services in India.

The Ministry also deferred 22 proposals from GMR Airports Holding Ltd., Bangalore, Tata Advanced Systems Ltd., Delhi, Shriram Capital Ltd., Chennai, Lakshmi Machine Works Ltd., Tamil Nadu, Verizon Communications India Pvt. Ltd. and Essar Capital Holdings (India) Ltd., Mumbai.

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