The Hindu : Business : Solitaire Capital among 22 FDI proposals cleared

Online edition of India's National Newspaper
Wednesday, Oct 18, 2006
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Solitaire Capital among 22 FDI proposals cleared

Special Correspondent

The Singapore company to invest in real estate

NEW DELHI: The Central Government has approved 22 foreign direct investment (FDI) proposals worth Rs. 896.25 crore, the largest chunk of Rs. 511.50 crore being accounted for by the Singapore-based Solitaire Capital Investments in real estate.

According to the proposal approved by Finance Minister P. Chidambaram on the recommendations of the Foreign Investment Promotion Board (FIPB), Solitaire Capital will accept contributions on a repatriation basis into a venture capital fund for making these investments. Among other proposals, the next major proposal in terms of FDI pertains to the Mauritius-based Bijlee Bharat Holdings, which plans to bring in Rs. 307.94 crore to set up a wholly-owned subsidiary in Hyderabad for investment in multiple power plants. NSK Limited of Japan has been allowed to set up a new joint venture in Chennai to manufacture magnetic clutch bearings and ball bearings with an investment of Rs. 41.25 crore.

Lladro Commercials S.A. of Spain has been permitted to bring in Rs. 5.85 crore for hiking its equity stake in Spa Agencies (India) from 26 per cent to 49 per cent.

Apart from Lladro, the Finance Minister approved two more proposals pertaining to the retail sector. While the Sri Lanka-based Damro Exports Pvt. Ltd.'s proposal to sell furniture under the single brand name of `Damro,' Rino Greggio of Italy plans to set up a joint venture for selling silverware and other allied products. The Alpha Airport group of the U.K. also received the Government's nod to set up a wholly-owned subsidiary for setting up duty-free shops, flight kitchens and food and beverage outlets at airports in India.

Aircel Cellular Ltd. and Dishnet Wireless Ltd. have also been permitted to accord conformity approval to the acquisition of 73.99 per cent stake by the Mauritius-based Global Communications Service Holdings, which is owned by Maxis, a Malaysian telecom firm.

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