Govt approves 32 FDI proposals of Rs 845.70 cr

New Delhi, Nov 26 (UNI) Finance Minister P Chidambaram today approved 32 Foreign Direct Investment proposals of about Rs 845.70 crore, including the city-based Oriental Structural Engineers Pvt Ltd's Rs 450 crore proposal to transfer of shares for setting up a holding company.

The proposals relate to Ministries/Departments, namely, Commerce, Economic Affairs, Information&Broadcasting, Mines, Road Transport&Highways, Telecommunication, Industrial Policy&Promotion, Power, Urban Development, and Shipping.

The Foreign Investment Promotion Board (FIPB), which met on November 18, had recommended the proposals.

The other proposals include Mumbai-based Reid&Tailor (India) Ltd to allot and issue equity shares warrants of Rs 108.33 crore, the US-based Trans Union International for purchasing and acquiring fully paid up equity shares to invest in Credit Information Companies, Mumbai-based Dr Oetker India Pvt Ltd for converting an operating company into an operating cum holding company to make further downstream investment.

Singapore-based Hill&Knowlton's proposal to set up a WoS, Netherlands-based Reed Elsevier Overseas BV for induction of foreign equity by way of equity shares/ compulsory convertible preference shares/ compulsorily convertible debentures to undertake the additional activities of publishing of specialty magazines are some of the proposal approved.

However, three proposals have been rejected. These are of Nagarjuna Construction Co Ltd, US-based Inuit US Holdings, and Delight Investments Pte Ltd of Singapore.

UNI SBA SG RN2034