The Hindu : Business : 13 FDI proposals cleared

Online edition of India's National Newspaper
Friday, Oct 05, 2007
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13 FDI proposals cleared

Special Correspondent

NEW DELHI: The Union Government on Thursday approved 13 foreign direct investment (FDI) proposals worth Rs. 393.36 crore of which Secunderabad-based Aster Infrastructure Ltd., KVK Energy and Infrastructure Pvt. Ltd. and car maker Maruti Suzuki India account for a major chunk of the proposed investment inflow.

According to an official statement here, the proposals were approved by the Finance Minister P. Chidambaram on the basis of recommendations by the Foreign Investment Promotion Board (FIPB).

Nearly 60 per cent or Rs. 232.58 crore out of the total FDI is accounted for by Aster Infrastructure by way of induction of foreign stake. The telecom infrastructure provider proposes to increase the foreign stake in the company to 72.5 per cent.

As per the approval, KVK Energy and Infrastructure has been permitted to bring in Rs. 97.06 crore by way of a 70 per cent foreign equity stake in the company which proposes to make investments in downstream operating companies engaged in the implementation of power projects.

Maruti Suzuki has also received the Centre’s nod to set up an exhaust system components unit in Haryana in collaboration with Japan-based Futaba Industrial Company.

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