Date:08/06/2004 URL: http://www.thehindubusinessline.com/2004/06/08/stories/2004060802690600.htm

Back FDI proposals for Mohali industrial township, park cleared

Our Bureau

New Delhi , June 7

THE Finance Minister, Mr P. Chidambaram, on Monday approved two foreign direct investment (FDI) proposals worth Rs 550 crore on the recommendations of the Foreign Investment Promotion Board (FIPB).

The two project proposals, according to an official statement here, pertain to FE Holding Mauritius Ltd seeking the Centre's nod for setting up an industrial park at Mohali in Punjab with 100 per cent foreign investment totalling Rs 50 crore and an integrated township, also at Mohali, at a foreign investment cost of Rs 500 crore. Both the projects are to be executed in collaboration with Punjab-based FI Associates Pvt Ltd.

The projects were recommended for approval by the FIPB at its meeting on May 7. The month-long delay in final approval has been on account of the change of guard at the Centre.