SKIL Infrastructure Ltd, Mumbai, can accept $ 250M FDI:Cabinet

New Delhi, Oct 9 (UNI) The government today allowed SKIL Infrastructure Ltd, Mumbai, to accept foreign investments from GL Asia Mauritius II Ltd, Mauritius, upto 26 per cent amounting to 250 million dollars (about Rs 1,000 crore) by way of issue of Rs 1 lakh interest accruing secured convertible debentures.

The funds would be used for making downstream investments in Mumbai SEZ Ltd, Navi Mumbai SEZ Ltd, Pipavav Shipyard Ltd, SKIL Himachal Infrastructure and Tourism Ltd, Gujarat Positra Port Company Ltd and Logistics Project or in such other projects which are compliant with the Foreign Direct Investment policy of the Government of India.

The approval, given by the Cabinet Committee on Economic Affairs (CCEA), would be subject to the following conditions: * All downstream investments to be in compliance with Press Note No 9 of 1999.

* The construction development activities and other infrastructural projects being undertaken would be compliant to the FDI policy including, inter alia, the press note 2 of 2005; and * The company holding only FDI compliant projects at the time of induction of FDI.

UNI