Foreign investment proposals worth Rs.14 bn cleared

September 17th, 2008 - 7:21 pm ICT by IANS  

New Delhi, Sep 17 (IANS) Finance minister P. Chidambaram Wednesday approved 12 foreign investment proposals valued at Rs.14.14 billion.These proposals had been approved by the Foreign Investment Promotion Board Sep 12.

The biggest investment approved Wednesday is by two US-based companies, United Guaranty Corp and International Finance Corp, which will invest that of Rs.5.7 billion to establish a joint venture company to carry out mortgage guarantee activities.

The next highest is by Mumbai’s Polycab Wires that has been allowed to convert its operating company to an operating-cum-holding company to make downstream investment and issue of warrants.

In the heavy industry sector, ZF India Pvt. Ltd has been allowed to invest Rs 2.24 billion to manufacture chassis and driveline productions for passenger vehicles, rail vehicles. They will also produce and supply transmission for marine transportation.

Besides, Delhi-based publisher Nine Dot Nine Mediaworx plans to induct investment worth Rs.339 million for publishing scientific magazines, specialty journals and periodicals.

The minister has also deferred taking decision on nine proposals, which includes ABN Amro Securities enlarging its services by offering value-added financial services.

The sole rejected proposal was that of JSW Infrastructure for grant of ex post facto approval for having undertaken the activity of holding company.

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