Agrani, GDF among new FDI proposals cleared

By Our Special Correspondent

NEW DELHI, AUG. 7. The Government today cleared 88 foreign direct investment proposals worth Rs. 980 crores, including a Rs. 354.31 crore proposal by Agrani Satellite Services to own and operate satellite communication systems. Another proposal by GDF International envisaging investment of Rs. 178.60 crores was also given the green signal.

The proposals covered a wide range of areas including software development, computer hardware, engineering components, heavy machinery, cement, paper, chemicals and petrochemicals, mineral exploration, petroleum and natural gas, tourism and information technology.

The Commerce and Industry Minister, Mr. Murasoli Maran, cleared the proposals which had been submitted by the Foreign Investment Promotion Board (FIPB).

The Agrani project that has been launched by Mr. Subhash Chandra of Zee Telefirms will have 74 per cent foreign equity to own and operate satellite communications systems. GDF International has asked for permission to bring FDI for developing, importation and transport projects of liquid fuel natural gas.

Other proposals include that of Sakon LLC of the U.S. for providing networking and wireless systems integration services.

This will entail an investment of Rs. 49.82 crores and a foreign equity component of 74 per cent.

Wimco Boards has also been permitted to issue redeemable cumulative preference shares valued at Rs. 47 crores. Similarly, there will be an inflow of Rs. 23.50 crores over five years through the wholly owned U.S. company, Veritas Software Global Corporation.

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Section  : Business
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