Govt clears FDI worth Rs 727 cr

Govt clears FDI worth Rs 727 cr
ENS ECONOMIC BUREAU

NEW DELHI, JULY 21: The government has cleared 35 proposals of foreign direct investment totalling Rs 727 crore including Wartsila NSD Corporation and GVK Power Ratlam's applications to bring in foreign investment of Rs 200 crore each in their power projects.

Portman Holdings of USA has been permitted to induct FDI of Rs 215 crore in its project for setting up of mixed use complexes for downstream activities, according to a press release issued by the industry ministry on Friday. Timex Watches has got the nod for making allotment of shares worth Rs 22 crore on preferential basis.

Planetasia has been allowed to increase foreign stake from 36 per cent to 46 per cent in its Internet venture.

Dow Chemical (India) Ltd's proposal for setting up a 100 per cent holding company with investment of Rs 6.60 crore for Dow group's investment in India has also been cleared.

Al Hind TV Ltd and Falak TV Ltd's applications for inducting 20 per cent foreign/NRI equity worth Rs 20 crore each has been approved.

Japanese multinational Mitsui OSK Lines Ltd has been allowed to increase its stake to 100 per cent in its recruitment and training and maintaining a pool of seamen business.

The proposal of Asia World Online Inc. British Virgin Islands for investing Rs 1.8 crore in e-commerce, advertisement, designing and hosting web sites etc had been cleared.

Emmsons Infotech has got the approval for inducting 49 per cent foreign equity worth Rs 2.45 crore in its Internet services business. Two proposals for induction of 100 per cent foreign equity in Audiovortex (India) Pvt Ltd and Texportal Com Pvt Ltd for building business-to-business portals with investment of Rs 4.40 crore each have been cleared. Mindtrac.com India Pvt has been permitted to induct 99.99 per cent FDI worth Rs 4.5 crore for e-commerce activities.