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India clears 15 FDI proposals
Thursday, 06 November 2003, 20:30 IST
NEW DELHI: A proposal by Mauritius-based software development company Venture Infotek Ltd to set up two new companies was among 15 foreign direct investment (FDI) plans worth 
824.25 million approved by the Indian government Wednesday.
Among major proposals given the go-ahead was one from five investors from Saudi Arabia for acquiring additional stake in Delhi-based KRBL Limited, which is engaged in procurement and processing of paddy for conversion into rice, mainly for exports.
The plan will see fresh investment inflow of 270 million, the finance ministry said in a statement.
Major investment proposals approved by Finance Minister Jaswant Singh pertained to the agriculture, information and broadcasting and IT sectors, the statement said.
In the case of Venture Infotek, the plans to set up two new companies for computer software development will involve an investment of 500 million.
U.S.-based Hughes Network Systems Inc. was given approval for acquiring 20 percent additional foreign equity in the Delhi-based Hughes Software Systems Limited, but the level of fresh investment flow this would involve was not indicated.
Japan's Dentsu Incorporated, which is engaged in media communications and event management, was given approval for setting up a joint venture company with foreign investment of 37.5 million.
Many proposals approved Wednesday did not involve any fresh infusion of funds.
Source: IANS
824.25 million approved by the Indian government Wednesday.
Among major proposals given the go-ahead was one from five investors from Saudi Arabia for acquiring additional stake in Delhi-based KRBL Limited, which is engaged in procurement and processing of paddy for conversion into rice, mainly for exports.
The plan will see fresh investment inflow of 270 million, the finance ministry said in a statement.
Major investment proposals approved by Finance Minister Jaswant Singh pertained to the agriculture, information and broadcasting and IT sectors, the statement said.
In the case of Venture Infotek, the plans to set up two new companies for computer software development will involve an investment of 500 million.
U.S.-based Hughes Network Systems Inc. was given approval for acquiring 20 percent additional foreign equity in the Delhi-based Hughes Software Systems Limited, but the level of fresh investment flow this would involve was not indicated.
Japan's Dentsu Incorporated, which is engaged in media communications and event management, was given approval for setting up a joint venture company with foreign investment of 37.5 million.
Many proposals approved Wednesday did not involve any fresh infusion of funds.
Source: IANS