Solitaire
Capital among
22 FDI proposals
cleared
Special Correspondent
Wednesday,
Oct 18, 2006.
The Hindu
The Central Government
has approved 22
foreign direct
investment (FDI)
proposals worth
Rs. 896.25 crore,
the largest chunk
of Rs. 511.50
crore being accounted
for by the Singapore-based
Solitaire Capital
Investments in
real estate.
According
to the proposal
approved by Finance
Minister P. Chidambaram
on the recommendations
of the Foreign
Investment Promotion
Board (FIPB),
Solitaire Capital
will accept contributions
on a repatriation
basis into a venture
capital fund for
making these investments.
Among other proposals,
the next major
proposal in terms
of FDI pertains
to the Mauritius-based
Bijlee Bharat
Holdings, which
plans to bring
in Rs. 307.94
crore to set up
a wholly-owned
subsidiary in
Hyderabad for
investment in
multiple power
plants. NSK Limited
of Japan has been
allowed to set
up a new joint
venture in Chennai
to manufacture
magnetic clutch
bearings and ball
bearings with
an investment
of Rs. 41.25 crore.
Lladro
Commercials S.A.
of Spain has been
permitted to bring
in Rs. 5.85 crore
for hiking its
equity stake in
Spa Agencies (India)
from 26 per cent
to 49 per cent.
Apart
from Lladro, the
Finance Minister
approved two more
proposals pertaining
to the retail
sector. While
the Sri Lanka-based
Damro Exports
Pvt. Ltd.'s proposal
to sell furniture
under the single
brand name of
`Damro,' Rino
Greggio of Italy
plans to set up
a joint venture
for selling silverware
and other allied
products. The
Alpha Airport
group of the U.K.
also received
the Government's
nod to set up
a wholly-owned
subsidiary for
setting up duty-free
shops, flight
kitchens and food
and beverage outlets
at airports in
India.
Aircel
Cellular Ltd.
and Dishnet Wireless
Ltd. have also
been permitted
to accord conformity
approval to the
acquisition of
73.99 per cent
stake by the Mauritius-based
Global Communications
Service Holdings,
which is owned
by Maxis, a Malaysian
telecom firm.
You can
also read this
article at :
http://www.thehindu.com/2006/10/18/stories/2006101802471900.htm
