Govt approves FDI proposals worth Rs 896.25 Crore
PTI
Wednesday, Oct 18, 2006. Navhind Times

New Delhi, Oct 17: The government has approved 22 foreign direct investment proposals worth Rs 896.25 crore, including over Rs 500 crore in real estate by the Singapore-based Solitaire Capital Investments.

Solitaire, with Rs 511.50 crore, was the single largest investor cleared by the finance ministry.

The company will accept contributions on repatriation basis into a venture capital fund for making these investments.

The proposals, cleared by the Finance Minister, Mr P Chidambaram on the recommendations of the Foreign Investment Promotion Board, also include a plan by the Mauritius-based Bijlee Bharat Holdings that will bring fdi inflow of Rs 307.94 crore.

Bijlee Bharat will set up a wholly-owned subsidiary in Hyderabad for investing in multiple power plants.

Also, NSK limited of Japan has committed Rs 41.25 crore to set up a new JV in Chennai to manufacture magnetic clutch bearings and ball bearings. The Tokyo-based company will bring in Rs 41.25 crore into India.

Spain-based Lladro Commercials S A will pump in Rs 5.85 crore for increasing its equity in Spa Agencies (India) from 26 per cent to 49 per cent.

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