FDI PROPOSALS WORTH RS 541CR GET GOVT NOD

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THE government has cleared 22 foreign direct investment (FDI) proposals, including those of Yamaha and Nokia worth Rs 541.25 crore.
The proposals, cleared on the recommendation of the foreign investment promotion board (FIPB), include Nokia's plan to set up at singlebrand retail joint venture with HCL Infosystems to sell handsets and accessories. The JV would investment Rs 25 lakh in the retail business.

Yamaha's proposal to transfer its business operations to a new company in India, India Yamaha Motor Pvt Ltd, was also given the FIPB nod.

Mumbai-based broadband company Tikona Digital Networks will attract the highest FDI of Rs 237.26 crore, while Kolkata-based Electrosteel Castings, will receive Rs 157.47 crore of FDI.

However, Al Khaleej's plans to set up a sugar refinery have been rejected. The FIPB deferred Vijay Mallyapromoted United Breweries request for a post-facto approval for issue of warrants to overseas investors.

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