Centre approves FDI proposals worth over Rs.2000 croreBy ANI
Friday, July 23, 2010
NEW DELHI - The Central Government on Friday approved 18 foreign investment proposals worth Rs 2,245.32 crore.
A statement issued by the finance ministry said that of this amount, Transcend Infrastructure’s FDI inflow would be Rs. 1,932 crore.
The company plans to build, acquire and lease towers for the communications and broadcasting sectors, it added.
The Centre has rejected 10 proposals, including those of Mahindra and Mahindra Ltd, INX Media Pvt Ltd, Telcordia Technologies and Siemens Ltd. Twenty-one proposals have been deferred.
The other proposals cleared include that of Frigorifico Allana Ltd for setting up a JV, involving FDI of Rs 125 crore.
The proposal of GETIT Infoservices Pvt Ltd, involving FDI of Rs 96 crore, has also been cleared. The company plans to increase foreign equity and undertake “additional activity relating to publishing”, the statement said.
Other FDI proposals cleared include: Nisarg Building Art and Technology Pvt Ltd (Rs 51.81 crore), Turquoise Metals and Electricals Pvt Ltd (Rs 10.36 crore), Modi Naturals Ltd (Rs 7.92 crore), NTT Communications Corporation (Rs 7.4 crore), Mcnally Sayaji Engineering Ltd (Rs 6.23 crore) and Telstra Pvt Ltd (Rs 5.54 crore). (ANI + inputs)