Digital Future, 3 Bharti cos. among new FDI proposals

By Our Special Correspondent

NEW DELHI, DEC. 28. The Commerce and Industry Minister, Mr. Murasoli Maran today approved 57 foreign investment cases involving an investment of Rs. 3,115 crores.

This includes a proposal by the Dutch company, Digital Future Investments R.B. to invest Rs. 2,250 crores over a five-year period.

It envisages constructing, designing, installing, operating and maintaining engineering facilities and providing third party technical services to duly licensed broadcasters, telecommunication operators and public authorities.

Another major proposal cleared is that of Bharti Aquanet for laying optical fibre cables underwater along oceans and seabeds with an investment of Rs. 122.50 crores and foreign equity stake of 49 per cent.

Two other Bharti companies have been given clearance for foreign investment. Bharti Enterprises has been allowed to take 10 per cent foreign shareholding to promote and invest in telecom ventures in this country.

Bharti Telecom has also been given permission to increase its paid-up capital By Rs. 8.2 crores.

Among the proposals cleared is that of Caterpillar of the U.S. which plans to set up a wholly owned company and invest Rs. 138 crores to manufacture earth-moving equipment.

SPIC PHI Seeds has also been allowed to raise its foreign equity share from 60 to 100 per cent with infusion of Rs. 78.20 crores.

The Government also approved a 50 per cent foreign investment proposal worth Rs. 295 crores of Zuari Cement for the manufacture of portland cement.

A Rs. 56.35 crore investment of ICICI Infotech services for IT enabled services and software development and consultancy in IT infrastructure was also approved as well as a 49.9 per cent foreign investment of Rs. 2.80 crores in the case of Essel Packaging.

Other proposals cleared cover various other sectors including manufacture of drugs, consumer goods, paints and varnishes, textiles, tourism and management consultancy.

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Section  : Business
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