Foreign investment proposals worth Rs.74.61 crore okayed
September 8th, 2009 - 9:03 pm ICT by IANS ( Leave a comment )New Delhi, Sep 8 (IANS) The government Tuesday approved nine foreign investment proposals worth Rs.74.61 crore on the recommendations of the Foreign Investment Promotion Board (FIPB).
However, the board rejected the proposal of Goldman Sachs for waiving off the Press Note 1 that stipulates government approval for new foreign investment proposals or technical collaboration where the foreign investor already has a joint venture in the same or allied field.
Among the proposals approved was that of Ramboll Singapore, to set up a wholly-owned subsidiary to provide engineering consultancy services in the field of oil and gas — it would bring Rs.22 crore.
Approval of a High Mark Credit Information Services proposal to increase the foreign equity participation from 40 percent to 49 percent would bring in Rs.23 crore.
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Tags: allied field, credit information services, engineering consultancy, equity participation, foreign investment promotion board, goldman sachs, government approval, investment promotion board, investment proposals, investor, joint venture, New Delhi, oil and gas, proposal, ramboll, singapore, subsidiary, technical collaboration
