FDIs worth Rs. 832 cr. cleared

By Our Special Correspondent

NEW DELHI, MARCH 13. The Government today cleared 23 foreign direct investment proposals involving an inflow of Rs. 832 crores. These include Petro Energy Products India Limited for raising the foreign equity stake from 40.5 to 95 per cent with an investment of Rs. 638.98 crores. The company plans to set up an oil refinery in this country.

The proposals that were approved by the Union Commerce and Industry Minister, Mr. Murasoli Maran, cover various sectors including manufacture and sale of starch and derivatives, beverages, steel, IT services, textiles, port development, oil refineries and consumer goods.

In the area of port development, the proposal of Dhamra Port Company was cleared for an investment of Rs. 46 crores. Two proposals of the U.K. based B G Energy Holding Limited have also been approved. The first involves an investment of Rs. 32.20 crores for an Internet service provider while the second is for an infusion of Rs. 9.20 crores to provide infrastructure services to communications service providers.

The U.S. Radian group has been given the green signal to invest Rs. 46 crores for promotion of adventure sports, raceways and resorts. Similarly Rouquette Frere has been allowed to invest Rs. 23 crores for manufacture and sale of starch and derivatives.

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Section  : Business
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