Govt approves FDI proposals worth Rs1,277 cr

Govt approves FDI proposals worth Rs1,277 cr
PTI
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First Published: Wed, Jan 28 2009. 05 23 PM IST
Updated: Wed, Jan 28 2009. 05 23 PM IST
New Delhi: The government has cleared 31 foreign direct investment (FDI) proposals worth Rs1,277.23 crore of firms such as Morgan Stanley Financial Services, Keystone Realtors and Ramky Enviro Engineers.
“The proposals relate to ministries or departments of commerce, economic affairs, telecommunication, urban development, civil aviation, industrial policy and promotion, post and information and broadcasting,” an official statement said.
The largest investment proposals have come from Ramky Enviro Engineers and Keystone Realtors, which intend to invest Rs320 crore and Rs300 crore, respectively. Both plan to convert their operating companies into operating-cum-holding ones to make further downstream investment.
Mumbai-based CMS Computers will invest Rs190 crore in converting the operating company into an operating-cum-holding company.
Besides, Morgan Stanley Financial Services has proposed Rs100 crore investment in the Industrial Policy and Promotion sector.
Rama Cylinders’ proposal to invest about Rs84 crore was cleared. It would issue and allot fully funded or paid warrants.
Three proposals worth Rs16,000 crore including two by Japan’s NTT Docomo and one by New Delhi-based Orange Realty have been recommended for the consideration of the Cabinet Committee on Economic Affairs (CCEA) as these involve investments of more than Rs600 crore.
A total of 17 proposals have been deferred including those by Mahindra, Broadband and JT International. Four proposals of RBS Credit and Financial, Vatika Ltd, GSR Sugars and Meta Telecom were rejected.
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First Published: Wed, Jan 28 2009. 05 23 PM IST