Foreign investment proposals worth Rs.6.16 bn clearedMarch 4th, 2009 - 5:00 pm ICT by IANS
New Delhi, March 4 (IANS) A proposal from global hospitality major Accor to set up budget hotels in India is among the 28 foreign direct investment (FDI) proposals worth Rs.6.16 billion (Rs.616.08 crore/$119 million) cleared by the government, an official statement said Wednesday.
Accor, which has 4,000 hotels across the world from economy to upscale, has made an investment of Rs.3.66 billion to develop and manage budget hotels under the name ‘Formule 1′.
Accor will invest up to 100 percent in an Indian company by subscribing to equity or fully convertible preference shares.
Some of the other proposals include Cinema Capital Ventures Fund’s Rs.500-million investment for a venture capital fund in media and entertainment sector and US telecom company Telcordia Technologies’ Rs.450-million investment for providing mobile number portability solutions.
The Foreign Investment Proposal Board (FIPB), the nodal agency for approving foreign direct investments in the country, also gave the nod to the Rs.215-million proposal by Spain’s Poltrona Frau to set up a single brand retail company.
It approved a proposal by the Hyderabad-based Astra Microwave Products Ltd to induct 26 percent foreign capital in a company, proposing to engage in manufacture of licensed defence items.
Decision on 19 proposals, including that of infrastructure major Unitech, financial services firm BNP Paribas and French company Thales Avionics, were deferred.
- Unitech opposes Uninor's proposed rights issue - Jul 25, 2012
- Telenor moves company law board to protect India investment - Feb 27, 2012
- India clears 22 FDI proposals worth $112.5 million - Apr 20, 2012
- Telenor to form new company for India operations - Feb 21, 2012
- Government okays FDI proposals worth Rs.4,341 crore - Jan 13, 2011
- Govt okays 19 FDI proposals worth $959 million (Lead) - Jan 13, 2011
- 14 FDI proposals worth Rs.733 crore approved - Jan 28, 2010
- Eight FDI proposals approved - Dec 15, 2010
- India approves Walt Disney's Rs.1,000 crore investment - Aug 23, 2012
- Geojit to lure Arab investors to Indian bourses - Jun 21, 2012
- Government okays 14 FDI proposals worth Rs.1,584 crore - Jul 24, 2012
- 16 FDI proposals worth over $20 million accepted - Jun 07, 2011
- Telenor given green signal to up stake in Unitech (Lead) - Oct 19, 2009
- Government says no wrongdoing in clearing Aircel-Maxis deal (Second Lead) - May 14, 2012
- Reliance Capital gets regulator's nod to sell stakes to Nippon Life - Jun 13, 2012
Tags: accor, bnp paribas, capital ventures, convertible preference shares, foreign direct investment, foreign direct investments, french company, global hospitality, investment proposal, investment proposals, microwave products, mobile number, nodal agency, number portability, products ltd, retail company, rs 500, telecom company, thales avionics, venture capital fund