New Delhi, May 9 (UNI) The Cabinet today approved Rakeen Development's Rs 1,000 crore FDI proposal to undertake downstream investments in Indian infrastructure companies.
''The Cabinet Committee on Economic Affairs has approved the setting up of a wholly owned holding company for 250 million dollars by Rakeen Devlopment, Al Mauritius to undertake dowbnstream investments in Indian companies engaged in infrastructure (including industrial parks and Special Economic Zones),'' Finance Minister P Chidambaram said.
The approval is subject to compliance with the provisions of Press Note 2 of 205 and downstream investment should be in complaince with the provisions of Press Note 9 of 1999, he added.
The company proposes to act as an investment holding company which will invest in several downstream joint ventures.
These downstream JVs will be engaged in infrastructure construction development projects which include integrated township, IT parks, hotels, resorts, hospitals, housing, retail, office and commercial premises, and SEZs in various parts of the country.
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