14 FDI proposals worth Rs.733 crore approved

Thursday, January 28, 2010

NEW DELHI - A proposal from a leading private bank and another from an infrastructure company were amongst the 14 foreign direct investment proposals worth Rs.732.57 crore approved by the government Thursday.

The FDI approvals cleared by the Foreign Investment Promotion Board (FIPB) include FDI worth Rs.205.95 crore and increase in FDI cap from 74.9 percent to 100 percent by Standard Chartered Bank in the company engaged in equity broking investment banking, portfolio management.

Another FDI proposal for Rs.272.86 crore by Asset Reconstruction Company (India) Ltd (Arcil) to increase FDI from 14.66 percent to 16.01 percent in a company engaged in the asset reconstruction activities has also been approved.

The proposal of FDI worth Rs.2,500 crore by India Infrastructure Development Fund Ltd, Mauritius has been forwarded to the Cabinet Committee on Economic Affairs.

The proposal by a US-based telecom firm, Telcordia Technologies to expand its operations to India has been deferred along with nine others. The government has forwarded its proposal for security clearance.

Proposals by Unitech Ltd for waiver in lock-in period and another from New York-based Mercer Inc to set-up a joint venture company in the insurance sector have been withdrawn by these applicants.

Filed under: Economy

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