India clears foreign investment of 2.04 B

Thursday, 06 May 2004, 19:30 IST
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NEW DELHI: Proposals for integrated township development, telecommunication services, software development and infrastructure services were among 24 foreign direct investment plans India approved Wednesday. The total value of the proposals cleared by Finance Minister Jaswant Singh totalled 2.04 billion ($45.34 million), the finance ministry said in a statement. Many among the proposals did not involve any fresh flow of funds. The largest proposal was that of US-based Citicorp International Financial Corporation to provide infrastructure services including turnkey solutions for water transportation. Citicorp has got approval for acquiring a stake in Hyderabad based-IVRCL Infrastructures & Projects Limited with an investment of 1.27 billion. Among other major proposals was that of Singapore based Keppel Land Asia Pte., which has been given a go ahead to set up a joint venture with Bangalore-based Puravankara Projects Limited for developing an integrated township. The venture will have 51 percent foreign equity participation with an investment of 240 million. New Delhi based HFCL Infotel Ltd has been allowed to transfer shares from resident to non-resident Indians, foreign institutional investors and foreign venture capital funds (FVCFs) to source 487 million for its telecommunication services in Mohali, Punjab.
Source: IANS