FIAT, ICICI top FDI inflows totalling Rs 3,536.40cr

New Delhi, Nov 29 (UNI) Italian auto giant Fiat Auto SPA will pump in Rs 2,000-4,000 crore to manufacture fuel efficient passenger cars in India while NRI/PIO and other overseas players will invest Rs 1,090 crores in the ICICI Venture Funds to set up the India Advantage Fund.

These are among the 17 FDI proposals approved today by the Finance Minister P Chidamabaram as recommended by the Foreign Investment Promotion Board (FIPB).

The approvals amount to Rs 3,536.41 crore realing to ministeries of Commerce, Heavy Industry, Industrial Policy and Promotion, Information and Broadcasting, Telecommunications and Economic Affairs.

The major investment proposals pertain to the departments of commerce, economic affairs, heavy industry, information technology and telecom.

Korean company Mando Corporation will invest Rs 103.40 crore to manufacture, market, distribute and sell Column assisted Electronic Power Steering systems for Hyundai Motor India and other auto manufacturers in India and to import and sell manual and power steering systems to Hyundai Motor India.

Fox International of the US will undertake television broadcasting business of no news and current affairs television at a cost of Rs 1.50 crore.

Essar communications Ltd wil invest in telecom companies at an investment of Rs 230 crores while PAC (OMR) Ventures of Mauritius will invest Rs 63 crores for holding downstream investments in a company engaged in construction of IT parks and real estate sector.

UNI RT SRS KN1936