Search the Internet          Tips  Sites: Finance, Investment

35 FDIs worth Rs 3.73 billion cleared

HDFC and Maersk India's proposals were part of the 35 foreign direct investment cases worth Rs 3.73 billion that was cleared by the government on Friday.

The Minister for Commerce and Industry Murasoli Maran cleared the proposals on the basis of recommendations made by the Foreign Investment Promotion Board.

Credit Suisse First Boston India Securities, which was in the news recently for its alleged involvement in stock scam, also figured amongst the list for amendment in existing foreign collaboration approval without any fresh FDI inflow.

The government gave the go-ahead to HDFC's proposal pertaining to the acquisition of 0.99 per cent equity stake by a foreign investor involving an FDI inflow of Rs 688 million.

The highest FDI clearance was, however, given to the Rs 1.40 billion proposal for acquiring 20 million equity shares in Maersk India Ltd.

Telecom company Connecting Networks India's proposal worth Rs 975 million was also cleared by the government.

Nokia, Siemens, De Beers, Energizer India and Toyo Engineering also received clearances from the government.

Tell us what you think of this report