INDIA BUSINESS WORLD - 1^st March - TO - 15^th March - 2009

CENTRE APPROVES 29 FDI PROPOSALS WORTH RS 616 CR

The government has approved 29 foreign direct investment (FDI) proposals worth Rs 616 crore including AAPC Singapore’s Rs 365-crore hotel project. AAPC plans to set up a wholly-owned subsidiary in India for its hospitality venture, a finance ministry statement said. The government has also allowed ABG Bulk Handling’s plan to convert its operating company into an operating-cum-holding company. It proposes to make downstream investments of Rs 90 crore. Other proposals cleared by the government include Rs 50 crore investment proposal of Cinema Capital Ventures Fund, US-based Telcordia Technologies’ plan to induct foreign equity up to 74% in the mobile number portability solutions business and Telcordia plan to invest Rs 45 crore in its Indian operation. The FIPB, however, deferred Gurgaon-based real estate company Unitech’s proposal to make downstream investments in real estate sector. It also deferred 18 other applications including FDI proposals of John Deere Construction, BNP Paribas Securities Services, Yamaha Motor India, Quippo Telecom Infrastructure and Hiranandani Realtors.