FinMin clears 23 FDI cases worth Rs 351.41 cr

New Delhi, Apr 30 (UNI) The Government has approved 23 Foreign Direct Investment proposals cleared by the FIPB totalling Rs 351.41 crore, including railways and telecommunications worth Rs 240.75 crore and Rs 50 crore respectively.

The major investment proposals pertain to the Ministries of Commerce, Railways, Telecommunications and Economic Affairs.

Secunderabad-based Patil Rail Infrastructure Pvt Ltd will induct foreign equity up to 49 per cent by way of subscribing to new shares and conversion of operating company into operating-cum-holding company. It will undertake manufacturing, supplying various types of sleepers, rail track equipment and other products and services to the Indian Railways.

Bangalore-based Cable and Wireless Networks India Pvt Ltd will bring Rs 50 crore by inducting foreign equity up to 74 per cent in a company engaged in International Long Distance (ILD) and National Long Distance (NLD) telecommunications services in the country.

The proposals relate to Ministries of Agriculture and Cooperation, Commerce, Food Processing Industries, Information and Broadcasting, Information Technology, Industrial Policy and Promotion, Petroleum and Natural Gas, Railways, Shipping, Small Scale Industries, Telecommunications and Economic Affairs, an official statement said today.

The investment proposals were recommended by Foreign Investment Promotion Board (FIPB) in its meeting held last week.

Finance Minister P Chidambaram has approved two proposals to the UK-based D1 Oils Trading Ltd, one each to Italy-based Grotto SpA, Spain-based Aldeasa SA, Luxembourg-based Ferrero International SA, the US-based Hydril Company LP, Mauritius-based Springer SBM Holding Ltd, Japan-based Dainippon Inc&Chemicals, Singapore-based Lathe Investment Pte Ltd, etc.

UNI