Foreign investment proposals worth Rs.6.16 bn cleared

March 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.

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