Foreign investment worth $375 Mn approved

Foreign investment worth $375 Mn approved

By SiliconIndia   |   Monday, 17 March 2008, 13:13 Hrs
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New Delhi: Finance Minister P. Chidambaram has cleared foreign investment proposals worth 15.26 billion ($375 million), which includes one from the Essar Group to invest in the non-banking financial services sector.

According to an official statement issued Friday, a proposal from Paris-based Societe Beaujjon to invest $1.91 billion ($47 million) in India's insurance sector is also among the 18 approved by the finance ministry.

The Foreign Investment Promotion Board (FIPB) had cleared these proposals March 7 and had forwarded them to the finance minister for a formal approval. The areas covered include chemicals, petrochemicals, aviation, financial Services, telecom and IT.

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