NEW DELHI: The Central Government has approved 14 foreign direct investment proposals, totalling Rs. 245 crore, including one by Singapore-based AAPC Hotels Management Pvt. Ltd. for building a hotel at an investment of Rs. 150 crore.
The proposals were cleared by Finance Minister P. Chidambaram on the recommendation of the Foreign Investment Promotion Board, an official release said.
AAPC Hotels has formed a joint venture Express Call Pvt. Ltd. which would construct, develop and own a hotel project.
Other proposals related to broadcasting, information technology, small-scale industries, telecom and economic affairs have been approved.
Trichy Tollway project
The proposal of ILM Trichy (Mauritius) Ltd. to fund the Trichy Tollway road project in Hyderabad at an investment of Rs. 93.87 crore was also cleared.
Mr. Chidambaram approved an increase in foreign equity holding from 49 per cent to 68 per cent in Hutchinson Telecom. The proposal did not involve any fresh inflow of foreign investment, the release said. The approval comes amid controversy over Hutchison Telecom International selling 19.3 per cent stake to Egyptian mobile player Orascom, which gave it a 10 per cent indirect stake in Hutchison Essar, the third largest cellular player in the country.
The proposal of New York-based Conde Nast Asia Pacific to publish and print speciality fashion magazines `Vogue' and `Glamour' in India was approved as well. Singapore-based MCN International's proposal to set up a wholly-owned subsidiary for TV broadcasting at an investment of Rs. 1.50 crore received the Government nod.