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INDIA BUSINESS WORLD - October 1st October 15th 2008
FIPB CLEARS 17 FDI PROPOSALS WORTH RS 790 CRORE
The Foreign Investment Promotion Board has cleared 17 FDI proposals involving investment of Rs 790 crore. These include Mumbai-based Asia Motorworks Holdings’ proposal to invest Rs 590 crore through convertible debentures. However, the Board, in its meeting held on September 30, deferred Adani Power’s request for a post-facto approval for conversion of operating company into an operating-cum-holding company to make downstream investment. FIPB also rejected Mahindra Defence Systems’ plan to set up a JV for making defence equipment.
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