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FIPB clear 26 FDI proposals worth Rs 282.71 crore

Written by: Staff
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New Delhi, May 11 (UNI) Finance Minister P. Chidambaram today approved 26 Foreign Direct Investment (FDI) proposals, amounting to Rs 282.71 crore, recommended by the Foreign Investment Promotion Board (FIPB) at its meeting held on April 10, 2006.

These proposals relate to Ministries and Departments of namely Commerce, Information and Broadcasting, Industrial Policy and promotion, Information Technology, Telecommunications, Textiles, Tourism, Urban Development and Economic Affairs.

The major proposal pertained to the sectors like Commerce (wholesale trading) and Urban Development.

Some of the major FDI proposal cleared for the purpose included Mavi Investment Fund Ltd and Lotus Global Investments Ltd of Lee Cascades worth Rs 188.32 crore, Itochu Corporation which is 100 per cent subsidiary cleared for Rs 44.54 crore, Goldshield Group Plc of UK cleared for investment of Rs 44.54 crore and Grameen Foundation of USA which was allowed to invest Rs 2.25 crore, according to an official release here.

UNI BBS ARB KN2049

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