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Rs. 5,585 cr. FDI proposals cleared

NEW DELHI: The Union Government on Wednesday approved 25 foreign direct investment (FDI) proposals worth Rs. 5,584.82 crore in various sectors. The proposals were cleared by Finance Minister P. Chidambaram.

Among the major proposals, Bycell Communications has been permitted to go ahead with an investment of Rs. 1,950 crore for starting mobile telephony services in various circles throughout the country. Also cleared was a Rs. 1,460-crore plan of J.M. Financial Trustee for induction of foreign equity by subscribing to private placement of units. The Indian company is engaged in the field of FDI-compliant construction development projects, according to an official release.

Mumbai-based Dumeric Holdings Pvt. Ltd. has also been allowed to convert the status of its operating company into an operating-cum-holding company for making further downstream investments to the tune of Rs. 400 crore.

Another proposal cleared pertained to KVK Energy & Infrastructure Pvt. Ltd. for induction of Rs. 400 crore as foreign equity in a company by way of subscription to fresh equity shares, fully convertible debentures or preference shares.

Singapore-based AAPC Hotels Management has also received approval for investing Rs. 526 crore over five years. The proposal attracted Press Note 1 for induction of foreign equity by way of investing directly or through its Indian joint venture companies for owning and managing hotels in India.

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