Government clears 29 FDI proposals worth Rs 616 crore

04 March 2009

The government today approved 29 foreign direct investment (FDI) proposals worth a total of Rs616.08 crore, including AAPC Singapore's plan to invest Rs365.78 crore in its Indian subsidiary.

The government also approved ABG Bulk Handling's plan to invest Rs90 crore in downstream projects while it allowed Telcordia Technologies to invest Rs45 crore for providing number portability solutions. 

The proposals, approved on the recommendation of Foreign Investment Promotion Board (FIPB), also included Cinema Capital Ventures Fund's plan to pump in Rs50 crore in the media and entertainment sector and Poltrona Frau's Rs21.50 crore investment in single brand retail trading.

The proposals relate to commerce, economic affairs, information and broadcasting, telecommunication, tourism, industrial policy and promotion, post, defence production, and urban development. 

Other proposals included conversion of operating companies into operating cum-holding-companies by Bharath Wind Farms, Lisi Aerospace and Lanc Aero Industries, Avendus Capital Pvt Ltd, WNS Global Services Pvt Ltd, EBS Worldwide Services Pvt Ltd, Velankani Information Systems Pvt Ltd (post facto), Shalivahana Green Energy Ltd, RED Graniti Quarries and Blocks (I) Pvt Ltd, ABG Bulk Handling Pvt Ltd, eSys Information Technologies Ltd, HBS Realtors Pvt Ltd and Matrix Laboratories Ltd.

Astrix Laboratories has been allowed to transfer shares from NR to NR while What's on India Media Pvt Ltd, has been allowed to hold a TV channel licence for up-linking a non-news and current affairs TV channel from India.