20 FDI proposals cleared

April 8th, 2008 - 10:34 pm ICT by admin  

P. Chidambaram

New Delhi, Apr 8 (ANI): Finance Minister P. Chidambaram has approved 20 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB).

In its meeting held on March 28, the proposals amounting to Rs. 1962.05 crore were cleared.

The proposals are related to the Commerce Ministry, Heavy Industry Department, Industrial Policy and Promotion Department, Information Broadcasting Ministry, Telecommunications department and Economic Affairs Department.

The major investment proposals pertain to the Ministries and Departments of Information and Broadcasting Telecommunications and Economic Affairs.

The proposal of M/s. Kim Eng. Securities India Pvt. Ltd. Delhi has been rejected:

Two proposals namely; M/s. Essar Power Limited, Mumbai and M/s. AXIS Private Equity Ltd, Mumbai have been recommended for consideration of CCEA, as the investment in the two proposals is over Rs. 600.00 crore each. (ANI)

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