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Centre approves FDI proposals worth over Rs. 2000 crore | 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 & Technology Pvt
Ltd (Rs 51.81 crore), Turquoise Metals & 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). |
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