India clears Foreign investment of Rs 2.04b
Himalayan News Service
New Delhi, May 6:
Proposals for integrated township development, telecommunication services, software development and infrastructure services were among 24 foreign direct investment plans India approved yesterday.
The total value of the proposals cleared by finance minister Jaswant Singh totalled Rs 2.04 billion Indian Currency (IC) ($45.34 million), the finance ministry said in a statement.
Many among the proposals did not involve any fresh flow of funds. The largest proposal was that of US-based Citicorp International Financial Corporation to provide infrastructure services including turnkey solutions for water transportation.
Citicorp has got approval for acquiring a stake in Hyderabad based-IVRCL Infrastructures & Projects Limited with an investment of Rs 1.27 billion IC.
Among other major proposals was that of Singapore based Keppel Land Asia Pte, which has been given a go ahead to set up a joint venture with Bangalore-based Puravankara Projects Limited for developing an integrated township. The venture will have 51 per cent foreign equity participation with an investment of Rs 240 million IC.
New Delhi based HFCL Infotel Ltd has been allowed to transfer shares from resident to non-resident Indians, foreign institutional investors and foreign venture capital funds (FVCFs) to source Rs 487 million IC for its telecommunication services in Mohali, Punjab.
Meanwhile, Britain - seeking to project London as the gateway to an expanded EU - is stepping up efforts to attract foreign investment from India, the eighth largest investor in that country.