Business

39 FDI proposals worth Rs 192 cr. cleared

By Our Special Correspondent

NEW DELHI MAY 21. The Government today cleared 39 foreign direct investment proposals involving Rs. 192 crores. The major investment proposals pertain to sectors such as chemicals and petrochemcials, NBFC activities, telcom, tourism, health, information technology and software development.

The proposals were approved by the Commerce and Industry Minister, Murasoli Maran, on the basis of recommendations made by the Foreign Investment Promotion Board ( FIPB), according to an official release.

The projects approved included one by the India Communication's global partners (PCC), a Mauritius-based company, to acquire 10 per cent equity in Shyam Telecom for Rs. 73.50 crores (including premium).

Another major proposal given the green signal was that of Singapore Airport Terminal Services for acquiring 49 per cent stake in Taj SATS Air Catering by bringing in Rs. 67.17 crore of foreign investment. The company plans to take up air and institutional catering besides operating restaurants through this joint venture.

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