7.02 bn foreign investment proposals approved

Wednesday, 30 June 2004, 07:00 Hrs
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NEW DELHI: The Indian government has approved 37 foreign direct investment (FDI) proposals amounting to 7.02 billion, said an official statement issued Monday.

The overseas investment proposals represent a wide spectrum of industrial sectors such as coal, food and public distribution, shipping and software development, the statement said.

The government has approved ICICI Venture Funds Management Company's proposal to raise 4.5 billion from non-resident Indians, people of Indian origin and other overseas investors for investment in India Advantage Fund.

Mumbai-based ICICI Venture Funds Management Company is in the business of raising and managing venture capital and private equity funds.

The government also cleared Dubai Ports International's proposal to set up two wholly owned subsidiaries in India with an investment of 2.25 billion, said the statement.

Dubai Ports plans to develop, invest and maintain ports and special economic zone projects in India.

Investments proposals of other major companies like Google International, Hitachi Data Systems, LG Electronics, Nestle, Taiwan-based Gigabyte Technologies and De Beers Consolidated Mines were also approved.

Source: IANS
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