35 FDI proposals cleared

By Our Special Correspondent

NEW DELHI, JUNE 15. The Commerce and Industry Minister, Mr. Murasoli Maran, today cleared 35 foreign direct investment (FDI) proposals involving an amount of Rs. 373 crores.

These included proposals submitted by Maersk and the Housing Development Finance Corporation (HDFC).

The proposals were cleared on the basis of the recommendations made by the Foreign Investment Promotion Board (FIPB). The Government gave the go-ahead to HDFC's proposal for acquiring 0.99 per cent equity stake by a foreign investor involving an FDI inflow of Rs. 68.85 crores.

The highest FDI proposal cleared, however, was the one by Maersk India for acquiring 20 million equity shares for an estimated Rs. 140 crores in the area of container freight services.

Credit Suisse First Boston India Securities (CSFB), which has been alleged to have a role in the stock market scam also submitted a proposal but it did not entail any inflow of foreign exchange.

Among the other companies whose proposals were cleared today are Connecting Networks India whose plan was for an investment of Rs. 97.50 crores in the telecom sector.

Nokia, Siemens, De Beers, Energizer India and Toyo Engineering also received clearances from the government.

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Section  : Business
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