Govt clears 17 FDI proposals worth Rs 589.85 cr

New Delhi, July 19: The government today cleared 17 foreign direct investment (FDI) proposals worth Rs 589.85 crore, including Sweden-based Quinn Hotels' proposal.

Quinn hotels plans to form a wholly-owned holding company for investments in construction development activities and acquiring existing company engaged in development of hotels for Rs 313.22 crore.

The proposals were approved by Finance Minister P Chidambaram, according to an official statement.

The other proposals cleared include induction of foreign equity by Walker Investments in a company engaged in setting up duty -free shops at airports and seaports by Flemingo Duty- Free Shop Pvt Ltd by investing Rs 80 crore.

Saudi Economic and Development Company has been allowed to set up a holding company for making downstream investment in FDI compliant activities for Rs 46 crore.

UNI