Government clears 31 FDI proposals worth Rs1,277 crore

28 January 2009

The government has approved 31 proposals, including that of Dow Jones & Company Inc, for facimile edition of newspapers in India, involving foreign direct investment to the tune of Rs1,277.23 crore. The proposals cover sectors such as telecommunication, urban development, civil aviation, industrial policy and promotion, post and information & broadcasting.

The government approved the proposals after they were cleared by Foreign Investment Promotion Board (FIPB) at its meeting on 9 January. These include: Paul Hartmann Finance BV Netherlands' proposal to set up  a company to undertake wholesale trading. The project is estimated to bring in investment to the tune of Rs1 crore.

Now (Asia) Inc Mauritius has proposed investments to the tune of Rs28 crore to set up a company to manufacture equipment relating to petroleum sector and to enter into wholesale trading to customers in the petroleum sector.

Alcatel Lucent India Ltd, New Delhi, the Indian arm of global telecom major has sought `post facto' approval for conversion of operating company into an operating-cum-holding company to make further downstream investment. This, however, would not involve any fresh investment.

Ramky Enviro Engineers Ltd of Hyderabad has sough permission for conversion of operating company into an operating-cum-holding company to make further downstream investment to the tune of Rs320 crore.

Rama Cylinders Pvt Ltd, Mumbai proposes to issue and allot fully funded/ paid warrants, involving additional capital generation of Rs 84.03 crore.
 
Universal Music India Pvt Ltd, Mumbai has sought post facto approval for conversion of operating company into an operating-cum-holding company to make further downstream investment to the tune of Rs1.20 crore.
 
Cambridge Technology Enterprises Ltd, Hyderabad proposes to transfer shares of up to Rs0.20 crore by way of share swap and issuance of warrants.