New Delhi: The Government has cleared 29 FDI proposals worth Rs616 crore, more than half of which will be brought in by AAPC of Singapore in the hotel business in India.
AAPC Singapore Pte Ltd will invest Rs365.78 crore in an Indian company for constructing and managing low-budget hotels as per the proposals cleared on the recommendation of the Foreign Investment Promotion Board (FIPB).
However, the government has deferred as many as 19 proposals including those of Hiranandani Realtors, Yamaha Motor India, BNP Paribas Securities Services and Quippo Telecom. It also rejected a proposal by ICP Investments (Mauritius) Ltd.
Besides AAPC, a proposal by cargo-handling company ABG Bulk Handling was approved, involving FDI of Rs90 crore for making downstream investment.
India’s first regulated entertainment venture fund Cinema Capital Ventures Fund will bring in Rs50 crore for investment in the fund.
Global telecom leader Telcordia Technologies of USA will invest Rs45 crore in buying equity in Indian companies to carry out mobile number portability solutions.
Furniture design company Poltrona Frau’s proposal for single-brand retail trading has also been cleared and it will bring in Rs21.50 crore.