Foreign investment worth Rs.15 bn approved

March 14th, 2008 - 7:28 pm ICT by admin  

A file-photo of P. Chidambaram

New Delhi, March 14 (IANS) Finance Minister P. Chidambaram has cleared foreign investment proposals worth Rs.15.26 billion ($375 million), which includes one from the Essar Group to invest in the non-banking financial services sector. According to an official statement issued Friday, a proposal from Paris-based Societe Beaujjon to invest $1.91 billion ($47 million) in India’s insurance sector is also among the 18 approved by the finance ministry.

The Foreign Investment Promotion Board (FIPB) had cleared these proposals March 7 and had forwarded them to the finance minister for a formal approval. The areas covered include chemicals, petrochemicals, aviation, financial Services, telecom and IT.

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