Govt okays 18 FDI proposals worth Rs 64.6 cr

New Delhi, Dec 21 (UNI) The Government today approved 18 FDI proposals amounting to Rs 64.6 crore including one by Switzerland-based company Nuance group to set up duty free shops at airports and another by Nokia Siemens Networks to invest for manufauturing telecom equipment.

Nuance Group will invest Rs 25 crore for operating duty free shops at airports in Bangalore, Hyderabad and Mumbai, while Nokia Siemens Networks will invest Rs 12.4 crore for manufacturing and marketing its telecom equipments.

Finance Minister P Chidambaram cleared the proposals, recommended by Foreign Investment Promotion Board (FIPB) on December eight, at a Cabinet Committee of Economic Affairs (CCEA) meet here today.

The major investment proposals pertain to the departments of Commerce, Industrial and Promotion, Telecommunications.

In addition to the above two companies, London-based Desmet Rosedowns Ltd will invest Rs 7.6 crore to set up wholly-owned-subsidiary (WOS) for manufauturing oil mill machinery-mechanical presses and parts in Bangalore.

Similarly, Austria-based Weilburger Lacke will invest Rs 5.45 crore to set up a joint venture company to manufacture high quality specialised industrial coatings and paints in Kolkata.

Also to set up a subsidiary in the country, Nalisfield Ltd, a Mauritius-based company will invest Rs 4.6 crore.

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