The Hindu : Business : FDIs for Rs. 350 cr. cleared

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Wednesday, Jul 16, 2008
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FDIs for Rs. 350 cr. cleared

Special Correspondent

Coastal Projects, Singtel among major proposals

NEW DELHI: The Union Government on Tuesday permitted Hyderabad-based construction firm Costal Projects to bring in Rs. 160 crore as foreign direct investment (FDI) for converting its operating company into an operating-cum-holding company while Singtel of Singapore has been allowed to set up a joint venture in long distance telephony with foreign equity up to 74 per cent entailing an investment of Rs. 48 lakh. These two approvals were among the 12 FDI proposals worth Rs. 354.13-crore which were cleared by Finance Minister P. Chidambaram on the recommendations of the Foreign Investment Promotion Board (FIPB), according to an official statement here.

Among others, New Delhi-based Unicon Financial Intermediaries has also received the go-ahead to bring in Rs. 120 crore as FDI in its holding company .

Likewise, IT company Aurionpro Solutions has been permitted to induct Rs. 53.65 crore as FDI through the issuance of equity shares and convertible warrants and through share swap. The Government also approved the proposal of Standard Chartered Bank (Mauritius) for acquisition of additional equity and conversion of its operating company into an operating-cum-holding company. The venture entails an FDI inflow of Rs. 19.45 crore.

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