Govt approves 13 FDI proposals worth Rs 1,524.70 cr

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New Delhi, June 13 (UNI) Government today approved 13 Foreign Direct Investment (FDI) proposals worth Rs 1,524.70 crore including one by Cyprus-based Golboot Holdings Ltd, which will pump in Rs 700 crore, and by steel major ArcelorMittal for its operations in the country.

''Finance Minister P Chidambaram has approved 13 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on June 4, 2008,'' an official statement said.

Arcelor Mittal India Ltd proposes to convert operating company into an operating- cum-holding company for making downstream investment.

Golboot Holdings Ltd plans to infuse Rs 700 crore by subscribing unsecured fully and compulsorily convertible debentures, subject to approval from its Indian partner.

The government also approved the proposal of India Rizing Fund, which will accept contribution from overseas investors for making investment in Defence SME sector as per FDI Policy, with inflow of Rs 550 crore.

The other firms that got the approval include France-based Socomec SA, Deutsche Bank Aktiengesellschaft, Apollo Health Street Ltd, Indiabulls Power Generation Ltd, Gayatri Infra Ventures Ltd, Dish TV, Demerara Distilleries, Peak Database Solutions Pvt Ltd, Peak Database Solutions Pvt Ltd, and DLF Limitless Developers Pvt Ltd.

UNI MP CS/CS1935

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