31 FDI proposals cleared

Special Correspondent

NEW DELHI: The Government on Wednesday approved 31 foreign direct investment (FDI) proposals worth Rs. 1,277.23 crore.

The approvals pertain to proposals by various companies such as Morgan Stanley Financial Services, Keystone Realtors and Ramky Enviro Engineers.

According to an official statement here, the proposals relating to Ministries or Departments of Commerce, Economic Affairs, Tele communication, Urban Development, Civil Aviation, Industrial Policy and Promotion, and Information & Broadcasting were cleared on the recommendations of the Foreign Investment Promotion Board (FIPB).

Among the proposals, the largest chunk of FDI inflow pertain to those of Hyderabad-based Ramky Enviro Engineers and Mumbai-based Keystone Realtors, which plan to bring in Rs. 320 crore and Rs. 300 crore, respectively, in foreign exchange to convert their operating units into operating-cum-holding companies for making downstream investment.

Alongside, three proposals worth Rs. 16,000 crore have been forwarded to the CCEA.

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