Govt’s nod for 22 FDI projects
New Delhi, DHNS
Tuesday, October 17, 2006. Deccan Herald

The Centre, on Tuesday, approved 22 FDI proposals worth Rs 896.25 crore, including over Rs 500 crore in real estate by Singapore-based Solitaire Capital Investments.

Solitaire, with Rs 511.50 crore, was single largest investor cleared.

The company will accept contributions on repatriation basis into a venture capital fund for making these investments. The proposals, cleared by Finance Minister P Chidambaram on the recommendations of Foreign Investment Promotion Board, also include a plan by 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. 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 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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