12 FDI proposals worth Rs 354 cr cleared

The Government on Tuesday has cleared 12 FDI proposals totalling Rs
354.13 crore, including the biggest proposal worth Rs 160 crore from a
Hyderabad-based construction firm Costal Projects.


The proposals, approved by Finance Minister P Chidambaram on the
recommendations of the Foreign Investment Promotion Board (FIPB), also
include a proposal by Singapore-based Singtel to set up a joint
venture company in long distance telephony, that required no-objection
certificate from Bharti.

Singtel's proposal would include FDI of just Rs 48 lakh with foreign
equity up to 74 percent, which is the cap in the telecom sector.

Costal Projects of Hyderabad would bring in Rs 160 crore of FDI for
converting its operating company into an operating cum holding
company.

New Delhi-based Unicon Financial Intermediaries, The company is
engaged in commodity broking, stock broking and other permitted non-
banking finance activity, would attract Rs 120 crore of FDI through
increase in FDI in its holding firm.

IT company Aurionpro Solutions would bring in Rs 53.65 crore of FDI
through issue of equity shares and convertible warrants and through
share swap.

Rs 19.45 crore of FDI would flow into India through a proposal by
Standard Chartered Bank (Mauritius) for acquisition of additional
equity and conversion of operating company into an operating cum
holding company.



Chidambaram rejected a proposal by Freedman Opthaimic Ltd for issue of
40 percent equity to NRI under the single brand retail trading.



As many as eight proposals were deferred, which included one by Elken
International Ltd to undertake cash-and-carry wholesale trading for
which approval for test marketing had already been obtained by the
company.



Hughes Communication has been advised to apply afresh for a proposal
as per new policy guidelines in telecom sector.