Hungarian mining firm gets nod for titanium separation

July 4th, 2008 - 9:18 pm ICT by IANS  

A file-photo of P. Chidambaram

New Delhi, July 4 (IANS) A Hungarian company has secured Finance Minister P. Chidambaram’s permission to invest Rs.240 million ($6 million) for a 74 percent stake in a company that will mine and separate titanium-bearing minerals. The approval to Global Energy Mining and Minerals KFT of Hungary was given, based on a recommendations of the Foreign Investment Promotion Board (FIPB), said an official statement Friday.

This was part of Chidambaram’s approvals to 28 proposals for foreign direct investment, involving a new inflow of foreign exchange to the tune of Rs.13 billion ($325 million).

Other proposals that have secured the finance minister’s approval include Britain’s Marks and Spencer and Belgium’s Pearle for single-brand retail chains, Macmillian for publishing speciality magazine, and Mikuni of Japan for auto components.

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