FDI proposals worth Rs 896.25 cr cleared
ECONOMY BUREAU
Wednesday, Oct 18, 2006. Financial Express

The government has approved 22 foreign direct investment proposals, amounting to Rs 896.25 crore, including two big tickets — the Singapore-based Solitaire Capital Investments with Rs 511.50 crore, and Bijlee Bharat Holdings of Mauritius with Rs 307.94 crore.

Three proposals in the retail sector were also cleared. Among them were Lladro Commercial from Spain, Damro Exports from Sri Lanka and Rino Greggio from Italy, all seeking approval to operate single brand retail stores. Rino Greggio is looking to set up a joint venture for selling silverware and other allied products.

Solitaire Capital is looking at downstream investment in Real Estate activities while Bijlee Bharat Holdings would focus on power plants.

The government has also cleared the proposal of Alpha Airport Group of UK to set up a new wholly-owned subsidiary, which would come up with duty free shops, flight kitchens and food and beverage outlets at airports in India with an investment of Rs 22.5 crore.

That apart, the Tokyo-based NSK Limited has also got the government nod for setting up a joint venture to manufacture magnetic clutch, bearing and ball bearing. The proposal of Netherlands-based Diageo Highlands Holdings to set up a joint venture for manufacturing liquor was also approved.

In the area of telecommunication, the Mauritius-based Global Communication’s proposal was cleared. Some of the other proposals that were cleared include Standard Chartered Bank’s plans to set up a non banking finance company which will act as a primarily dealers in treasury bills and government securities.

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