Finmin clears 22 FDI proposals totalling Rs 897 crore

New Delhi, Oct 17 (UNI) Finance Minister P Chidambaram has approved 22 Foreign Direct Investment proposals amounting to Rs 896.25 crore.

"The proposals were recommended by Foreign Investment Promotion Board in its meeting held on October 3, 2006," an official statement said here today.

The proposals include that of Standard Chartered Bank for setting up Non-Banking Finance Company which will act as a primary dealers in treasury bills and government securities, including subscription to and distribution of government bonds and treasury bills. While this will involve no inflow of foreign exchnage it will entail change in status from operating to operating-cum-holding company.

The proposals also attracts Press Note 1 provisions.

The other proposals relate to the Ministeries and Departments of Commerce, Information and Broadcasting, Industrial Policy and Promotion, Information Technology, Heavy Industry, Posts, Shipping, Telecommunications, Economic Affairs and Tourism.

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