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Govt approves 29 FDI proposals of Rs837 cr inflow

Govt approves 29 FDI proposals of Rs837 cr inflow
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First Published: Fri, Mar 23 2007. 07 48 PM IST
Updated: Fri, Mar 23 2007. 07 48 PM IST
PTI
New Delhi: The government has approved 29 proposals of foreign direct investment (FDI) amounting to Rs837 crore of inflows, including one from Nimesh Kampani-led JM Financial to invest Rs560 crore in real estate projects.
The proposals include one by Mauritius-based Citigroup Venture Capital International to invest Rs100 crore in Flemingo, engaged in setting of duty free shops at airports.
The proposals were approved by Finance Minister P Chidambaram on the recommendation of Foreign Investment Promotion Board (FIPB), an official statement said.
Citigroup Venture will also invest Rs20 crore in Flemingo (DFS) Pvt Ltd to get convertible preferential shares.
The Board, however, deferred its decision on the proposal of British telecom company Vodafone to take over telecom company Hutch-Essar till 29 March.
Finance Ministry also approved the proposal of US-based Hershey Company to acquire 51% stake for Rs51.28 crore in IL&FS Financial Centre, engaged in beverage business.
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First Published: Fri, Mar 23 2007. 07 48 PM IST