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Foreign investment proposals worth Rs.85 crore okayed
The government Wednesday approved 21 foreign investment proposals amounting to Rs.84.9 crore ($17.78 million).
Prominent among the proposals approved by the Foreign Investment Promotion Board (FIPB) is one by Germany's BASF, which plans to invest Rs.63 crore to manufacture speciality chemicals and trade in commoditised products.
Venture capitalist Ventureeast will invest Rs.9.61 crore in the capital markets, while two Japanese companies, Metal One Corp and Kusakabe will invest Rs.5.14 crore and Rs.5 crore respectively to set up manufacturing units.
Metal One Corp plans to set up a joint venture steel processing unit, and Kusakabe proposes to manufacture machinery for tube and pipe mills.
FIPB put on hold a decision on 14 proposals, with Unitech Wireless's plea to increase its foreign shareholding to 74 percent being one.
Seven proposals were rejected.
Last updated on Jul 1st, 2009 at 14:08 pm IST--IANS
Possibly related news:
- Chemicals sector attracts highest foreign investment (July 12)
- Ministers to study administrative reforms proposals (July 6)
- Economic Survey calls for new investment environment (July 2)
- Allow private investment in nuclear power: Economic Survey (July 2)
- Hindustan Construction eyes $6 bn worth of projects (July 14)
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India has launched a big initiative to woo medical tourism from Canada, showcasing the country's high-end and much cheaper healthcare industry to Canadians.
Benchmark indices of Indian equities markets struggled to add significant gains this week, even as conditions remained uncertain in economies and bourses around the world.
Reliance Big Entertainment and Brad Pitt's production company Plan B have entered into a pact with leading video gaming firm Capcom to make the sci-fi action game "Drak Void" into a motion picture.
Distressed at not getting an adequate price for his produce, a debt-ridden sugarcane farmer allegedly committed suicide. The victim burnt his fields in Uttar Pradesh's Baghpat district and then jumped in the fire, police said Saturday.
An inordinate delay of nearly 30 minutes on the Dwarka-Noida metro route Saturday morning caught people unaware, leading to snaking queues in the metro stations. Tired of waiting, a number of commuters sought refund of their tickets and took other conveyances for their onward journey.
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