Govt clears Rs 896.25 cr FDI proposals

New Delhi: The Government has approved 22 FDI proposals worth Rs 896.25 crore, including over Rs 500 crore in real estate by Singapore-based Solitaire Capital Investments.

Solitaire, with Rs 511.50 crore, was the single largest investor cleared by the Finance Ministry.

The company will accept contributions on repatriation basis into a venture capital fund for making these investments.

The proposals, cleared by Finance Minister P Chidambaram on the recommendations of Foreign Investment Promotion Board, also include a plan by Mauritius-based Bijlee Bharat Holdings that will bring FDI inflow of Rs 307.94 crore.

Bijlee Bharat will set up a wholly-owned subsidiary in Hyderabad for investing in multiple power plants.

Also, NSK Limited of Japan has committed Rs 41.25 crore to set up a new JV in Chennai to manufacture magnetic clutch bearings and ball bearings. The Tokyo-based company will bring in Rs 41.25 crore into India.

Spain-based Lladro Commercials SA will pump in Rs 5.85 crore for increasing its equity in Spa Agencies (India) from 26 per cent to 49 per cent.

Besides Spain's Lladro, the Government also cleared two more proposals in the retail sector. These include Sri Lanka-based Damro Exports Pvt Ltd's proposal to sell furniture under the single brand name 'DAMRO' and Italian firm Rino Greggio's plan to set up a joint venture for selling silverware and other allied products.

UK-based Alpha Airport Group's proposal to establish a wholly-owned subsidiary for setting up duty-free shops, flight kitchens and food and beverage outlets at airports in the country at an investment of Rs 22.5 crore was also approved.

A proposal by the Netherlands-based Diageo Highlands Holdings to set up a joint venture for manufacturing liquor received clearance as well.

The Government gave approval to Aircel Cellular Ltd and Dishnet Wireless Ltd to accord the conformity approval to the acquisition of 73.99 per cent stake by Mauritius-based Global Communications Service Holdings, which is owned by Malaysian telecom firm Maxis.

Other proposals that were cleared include Bermuda's Mandarin Oriental Ltd's plans to set up a wholly-owned arm for providing consultancy services in hotel and tourism sector and a proposal by Reed Elsevier Overseas of The Netherlands to set up a joint venture for publishing six magazines.