UK's
Alpha among 896
cr FDI cleared
TIMES NEWS NETWORK
Wednesday,
Oct 18, 2006.
Economic Times
Finance Minister
P Chidambaram
has approved 22
foreign direct
investment (FDI)
proposals totalling
Rs 896 crore,
including major
investments by
Singapore-based
Solitaire Capital
and UK-based Alpha
Airports. Solitaire’s
proposal worth
Rs 511 crore relates
to the real estate
sector.
According
to a finance ministry
statement, Singapore-based
Solitaire Capital
Investment’s
plans for downstream
activities in
real estate have
been approved.
The company will
accept foreign
contributions
through the venture
capital fund route
to make investments
in real estate
development projects.
UK-based
Alpha Airport
Group’s
proposal to establish
a wholly-owned
subsidiary for
setting up duty-free
shops, flight
kitchens and food
and beverage outlets
at airports in
the country at
an investment
of Rs 22.5 crore
was also cleared.
Government
sources said Alpha
would now have
to obtain separate
clearances from
the concerned
authorities for
duty-free shops.
In the case of
flight kitchens,
the company would
have to go through
the Reserve Bank’s
automatic route
for FDI.
Alpha’s
investment plans
had turned controversial
due to political
opposition but
the finance ministry
has not overturned
the recommendations
of the Foreign
Investment Promotion
Board (FIPB).
The UK-based company
has tied up with
Pantaloon for
its India foray.
Investments
totalling Rs 307
crore have been
cleared for the
development of
multiple power
plants by KSK
Energy Ventures.
The company has
created a holding
company in the
name of Bharat
Bijlee Holdings
for routing foreign
investment from
Mauritius to India.
A wholly-owned
subsidiary will
be set up to invest
in power projects
across the country.
The
ministry has also
cleared Spanish
designer brand
Lladro’s
proposal to set
up a retail unit
with 26% FDI initially,
which will be
raised to 49%
subsequently under
the single-brand
retail policy.
In
the telecommunications
sector, Global
Communication
Services Holding
has got an approval
for the change
in its equity
structure in Aircel
Cellular, which
has FDI to the
tune of 74%. In
the auto sector,
the ministry has
given approval
to NSK of Tokyo
to undertake manufacture
of hub unit and
magnetic clutch
bearing.
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http://economictimes.indiatimes.com/articleshow/2191760.cms
