Govt clears 28 FDI proposals worth Rs 1,327.72 cr

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New Delhi, Jul 4 (UNI) The government today announced clearance of 28 proposals of Foreign Direct Investment (FDI) worth Rs 1,327.7251 crore, including the Rs 741.48 crore project by Parryware Roca Pvt Ltd for increasing foreign equity from 50 per cent to 100 per cent to make downstream investments.

The monies by Parryware will also to be used for conversion from operating company to operating-cum-holding company.

The proposals cleared include one by city-based Eldeco Infrastructure and Properties Ltd, which plans to infuse Rs 195.67 crore for subscribing and acquisition of equity shares and change in the status from operating company into operating-cum-holding company.

Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on June 24, 2008, Finance Minister P Chidambaram approved proposals related to several ministries and departments.

These include chemicals and petro-chemicals, industrial policy and promotion, information and broadcasting, urban development, tourism and economic affairs.

A propasal by Multiscreen Pvt Ltd for bringing in Rs 158.39 crore for issue of equity share to resident and NRI was also approved.

Mumbai-based Aquamarine Resorts Pvt Ltd also got the green signal for investing Rs 90 crore to acquire the status of foreign-owned Indian holding-cum-operating company to make downstream investments.

The other proposals cleared include Hungary's Global Energy Mining and Mineral KFT, Japan's Mikuni Corporation, city-based Getit Infoservices Ltd, and the UK's ENI UK Holding Plc.

UNI MP SR HT1922

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