India clears $500-mn Salim Group investment

India clears $500-mn Salim Group investment
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First Published: Thu, Feb 22 2007. 06 57 PM IST
Updated: Thu, Feb 22 2007. 06 57 PM IST
Reuters
New Delhi: India’s cabinet approved a $500 million foreign investment proposal involving Indonesia’s Salim Group for housing and industrial development near the eastern city of Kolkata, the finance minister said on Thursday.
Palaniappan Chidambaram said it would include special economic zones (SEZs), industrial parks and infrastructure in West Bengal state of which Kolkata is the capital.
One of the proposed SEZs is at Nandigram and has been hit by violent protests as farmers clashed with police over the acquisition of farm land for the project.
Of more than 230 SEZ proposals across the country, the majority have been put on hold following the violence in West Bengal and elsewhere amid severe criticism and protests by politicians and others.
A panel of cabinet ministers is now reviewing the government’s SEZ policy and should complete its work by the end of February or early March.
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First Published: Thu, Feb 22 2007. 06 57 PM IST
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