GOVT OKAYS 24 FDI PROPOSALS WORTH RS 204 CR

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The government on approved 24 foreign direct investment proposals worth Rs 204 crore, including Citicorp and Chrys Capital's plan to invest Rs 126.54 crore in Hyderabad-based IVRCL Infrastructure and Projects Ltd.

The FDI proposals, cleared by ex Finance Minister Jaswant Singh on the recommendations of Foreign Investment Promotion Board, mostly pertain to infrastructure, telecom, urban township, wholesale trading and IT software.
Citicorp and Chrys Capital's plan to invest Rs 126.54 crore in IVRCL infrastructure project will be in line with Sebi norms.

Government has also allowed Singapore-based Keppel Land Asia to set up a joint venture with Bangalore-based Puravankara Projects.

Keppel will invest Rs 24 crore for picking up 51 per cent stake in the new venture for developing integrated township.

HFCL Infotel has obtained FIPB nod for transfer of shares worth Rs 48.70 crore to NRIs and foreign investors. 

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