Nod to 12 FDI proposals

Written by Press Trust of India | New Delhi | Updated: Jan 31 2009, 06:06am hrs
The government has approved 12 foreign direct investment proposals totalling Rs 751.51 crore of various companies, including Wire and Wireless, Amritjal Venture and AFC Network.

The foreign direct investment (FDI) proposals, which had been earlier vetted by the Foreign Investment Promotion Board (FIPB), relates to sectors like telecommunication, civil aviation, food processing, broadcasting and commerce, an official release said.

The largest proposal, approved by the government on January 22, was of Wire and Wireless Ltd, which envisages raising of Rs 450 crore by issuing partly paid-up equity shares.

Amritjal Ventures proposal entailing an inflow of Rs 300 crore by converting the operating company into operating-cum-holding company was also cleared by the government.