Govt approves 17 FDI proposals worth Rs 1,844 cr

New Delhi, Sept 4 (UNI) The government approved 17 Foreign Direct Investment (FDI) proposals worth Rs 1,844.32 crore, including Quippo Telecom Infrastructure Ltd plan of bringing in Rs 781 crore and Ramky Infrastructure Ltd's Rs 400 crore.

The government has given green signals to the proposals related to Chemical and Petrochemicals, Commerce, Economic Affairs, Industrial Policy and Promotion, Information and Broadcasting, Power, Urban Development, Information Technology, and Telecommunication, an official statement said here today.

Based on the recommendations of the Foreign Investment Promotion Board (FIPB), Finance Minister P Chidambaram has okayed telecom tower firm Quippo Telecom Infrastructure Ltd's plan of increasing foreign equity from 65.63 per cent to 82.55 per cent with investment of Rs 781 crore.

Hyderabad-based Ramky Infrastructure Ltd also got post-facto approval for conversion of operating company into an operating cum holding company to make downstream investment with Rs 400 crore investment.

The companies whose proposals got green signal included Mumbai-based Biotor Industries Ltd, Germany's Euchner Industie Beteiligungen Gmbh, Aran Kitchenworld India Pvt Ltd, Belgium's Celio International, Marigold International Pvt Ltd, JRG Securities Ltd, Velley Energy Investment Holdings (Mauritius) Ltd, IBN Lokmat News Pvt Ltd and Athena Infraprojects Pvt Ltd.

The government has deffered nine proposals, while rejected one of Elken International (I) Pvt Ltd.

The proposals of Aditya Birla Telecom Ltd, and Daiichi Sankyo Company Ltd, Japan have been recommended for the consideration of CCEA, as the investment involved in the proposal is above Rs 600.00 Crores.

UNI MP AK HS2106