FM clears 27 FDI proposals

New Delhi, Mar 14 (UNI) Finance Minister P Chidambram has approved as many as 27 Foreign Direct Investment (FDI) proposals amounting to Rs 998 crore as recommended by the Foreign Investment Promotion Board (FIPB) in its meeting held on March 7.

Of this, Genworth Financial Inc of US's Rs 235 crore investment plan for setting up a WOS as NBFC to offer residential mortgage credit default protection products.

The government also approved US asset management company AIG Capital Corporation's proposal to bring in capital worth Rs 225 crore to set up a wholly owned holding company to undertake asset management and consumer finance services.

Petronas International Corporation of Malaysia has also got the government nod to undertake activities relating to marketing, importing, trading, distribution, packaging of petroleum products including lubricants, greases and brake fluids for an initial investent of Rs 58 crore.

According to an official statement, the major investment proposals pertain to sectors like commerce (wholesale trading), telecommunications, petroleum and natural gas, shipping and financial services.

Other proposals that have the government nod are related to the ministries such as agriculture and cooperation, chemicals and petro-chemicals, heavy industries, animal husbandry and dairying, information technology, industrial policy and promotion, and commerce.

UNI SR RA BD1942