Business

FDI proposals worth Rs 1,257 cr cleared

  • Gaurav Choudhury, Hindustan Times, New Delhi
  • |
  • Updated: Oct 19, 2007 12:06 IST

The government on Thursday approved 14 foreign direct investment (FDI) proposals amounting to Rs 1,257 crore including a Rs 500 crore proposal by Mauritius-based Essar Telecom Holdings Ltd.

Finance minister cleared the proposals on the recommendations of the foreign investment promotion board (FIPB).

Essar Telecommunication Holdings Limited plans to induct Rs 500 crore as 100 per cent foreign equity in a company engaged in the creating infrastructure for Internet protocol.

The government also cleared a proposal by US-based Goldman Sachs Asset Management to invest Rs 200 crore as foreign equity in an asset management company to carry out non-banking financial services.

The proposals cleared by the government also included a Rs 480 crore plan by Greenko Mauritius to convert its operating company Balaji Biomass Power Pvt Ltd into an operating-cum-holding firm for making downstream investments in power projects.

The FIPB recommended that six proposals be deferred, which included that of US-based Millennium India Acquisition Company Inc.

The proposal by Mumbai-based South Asia Multi-Media Technologies Limited for induction of foreign equity in a company engaged in FM radio broadcasting services has also been deferred.

 

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