FM approves 34 FDI proposals of Rs 2,288.40 cr

New Delhi, Jan 30 (UNI) Finance Minister P Chidambaram today approved 34 foreign direct investment (FDI) proposals worth Rs 2,288.40 crore, which include IL&FS Trust Company Ltd, Wisdom Global Enterprises Ltd, UTV Software Communications Ltd, Global Asset Holding Corporation Pvt Ltd and Cyprus-based Lakecrest Ld.

The Foreign Investment Promotion Board (FIPB) in its meeting held on January 18 had proposed them to the Finance Ministry.

Some of the major proposals are IL&FS Trust Company Ltd of Mumbai entailing an investment of about Rs 290 crore, Wisdom Global Enterprises Ltd of Mumbai with Rs 200 crore, UTV Software Communications Ltd with Rs 400 crore, Global Asset Holding Corporation Pvt Ltd of Mumbai with Rs 580 crore and Cyprus-based Lakecrest Ld with Rs 400 crore.

Others proposals include NDTV Networks LC of London with an investment of Rs 19.38 crore and GS Strategic Investments Ltd of Mauritius with Rs 180 crore.

Four proposals have been deferred as well.

The Ministry however rejected three proposals, including Astra Microwave Products Ltd of Hyderabad, Flemingo Duty Free Shop Pvt Ltd and the UAE based Thuraya Satellite Telecommunications Company.

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