FM approves FDI proposals worth Rs 354.13 cr

New Delhi, Jul 15 (UNI) Finance Minister P Chidambaram today approved 12 Foreign Direct Investment (FDI) proposals worth Rs 354.13 crore recommended by the Foreign Investment Promotion Board (FIPB).

The proposals are related to commerce, information technology, road transport and highways, financial services, industrial policy and promotion, mines and telecommunication, an official statement said.

The largest FDI inflow in this round of approvals will come from Hyderabad's Costal Projects Pvt Ltd worth Rs 160 crore for conversion of operating company into an operating-cum-holding company and continuation of the equity participation.

Unicon Financial Intermediaries (P) Ltd will receive Rs 120 crore for increasing the FDI in the holding company.

City-based Hammond Hardware Pvt Ltd will invest Rs 55 lakhs to set up a JV company with a foreign equity of 51 per cent to manufacture items reserved for small scale sector.

Standard Chartered Bank (Mauritius) Ltd will pool in Rs 19.45 crore for acquisition of additional equity either in the form of Compulsorily convertible preference shares or by way of equity shares and Conversion of operating company into an operating-cum-holding company.

The FIPB has deferred eight proposals, while it has rejected one proposal.

Hughes Communication (India) Ltd has been advised to apply afresh as per new policy guidelines in telecom sector.

UNI SR PDT RAI2014