Rs. 135 cr. FDI proposals cleared

By Our Special Correspondent

NEW DELHI, AUG. 21. The Commerce and Industry Minister, Mr. Murasoli Maran today cleared 29 foreign direct investment (FDI) proposals worth Rs. 135 crores mainly in the electrical and engineering sectors as well as tourism and merchant banking.

An official release says the proposals were approved based on the recommendations of the Foreign Investment Promotion Board (FIPB). Among the proposals are a Rs. 76.5 crore project of the Mauritius-based Emerson Electric for manufacturing, selling and marketing uninterruptable power supply, access control and close- control air conditioning system. The project includes of non- resident India (NRI) investment up to 50 per cent.

A proposal submitted for merchant banking by the Australia and New Zealand (ANZ) group has also been given the green signal. It entails an investment of Rs. 23 crores with the foreign investment up to 75 per cent.

Another major proposal approved by the Government was development of leisure and amusement industry with 100 per cent foreign investment estimated at Rs. 14.10 crores by the Mohammed Al Otaiba Group Est of Abu Dhabi.

Send this article to Friends by E-Mail

Section  : Business
Previous : Zee TV lines up new programmes, steps up ad spend
Next     : Western Union plans domestic money transfer
           services