Govt clears 17 FDI proposals worth Rs 590 crore | business | Hindustan Times
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Govt clears 17 FDI proposals worth Rs 590 crore

This includes Rs 313.33 crore from Sweden-based Quinn Hotels, which proposes to develop hotels in the country.

business Updated: Jul 19, 2007 20:59 IST

The government on Thursday approved 17 foreign direct investment proposals worth Rs 589.85 crore, including Rs 313.33 crore from Sweden-based Quinn Hotels, which proposes to develop hotels in the country.

The Foreign Investment Promotion Board (FIPB) in its meeting on July 13 had recommended to the Finance Ministry Sweden-based Quinn Hotels proposal to form a 100 per cent subsidiary in India for investment in construction of properties and acquire existing companies engaged in development of hotels.

The company proposes to bring an FDI of Rs 313.22 crore.

Among other proposals cleared by Finance Minister P Chidambaram, Flemingo Duty Free Shops Pvt Ltd group will invest Rs 100 crore in setting up duty free shops at airports and sea ports.

Finance Minister P Chidambaram also gave approval to Japan-based Orix corporation, a major financial services group, which has proposed to take up 5 per cent stake in IL&FS Securities Services Ltd for an estimated investment of Rs 36 crore.

It proposes to invest in the business of providing depository participant services.

Singapore-based Google Holding's proposal to take up 30 per cent units of Ventureast Denet Fund, a SEBI registered venture capital fund, was also given a go-ahead.

The proposal of Bhilwara Energy to induct foreign equity of up to 8.26 per cent has also been cleared. It plans to set up another company which will invest in firms engaged in power generation and transmission.