Chennai Container among new FDI proposals

By Our Special Correspondent

NEW DELHI, DEC. 1. The Union Commerce and Industry Minister, Mr. Murasoli Maran, who is convalescing in Chennai, has cleared 106 foreign direct investment proposals involving an inflow of Rs. 526 crores. These include development of a container terminal in Chennai, Max India's venture in the life insurance sector and the re-launch of ModiLuft's domestic airline.

The proposal of Chennai Container Terminal Limited involves foreign investment of Rs. 100.10 crores with 77 per cent equity stake. It envisages development, maintenance and operation of a container terminal. In the case of Max India, the foreign shareholding is 26 per cent with a total investment of Rs. 27.30 crores in the life insurance sector.

As for ModiLuft, it has only sought amendment in the existing approval to re-launch the airline with a foreign investment of Rs. 1.16 crores.

Another proposal cleared is of Williams of the U.K. The investment is estimated at Rs. 39 crores for manufacture and sale of security equipment such as vaults, safe deposits and lockers.

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Section  : Business
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