12 FDI PROPOSALS WORTH RS 354 CRORE CLEARED

New Delhi

Government today cleared 12 FDI proposals totalling Rs 354.13 crore, including the biggest proposal worth Rs 160 crore from a Hyderabad-based construction firm Costal Projects.

The proposals, approved by Finance Minister P Chidambaram on the recommendations of the Foreign Investment Promotion Board (FIPB), also include a proposal by Singapore-based Singtel to set up a joint venture company in long distance telephony that required no-objection certificate from Bharti.

Singtel's proposal would include FDI of just Rs 48 lakh with foreign equity up to 74 per cent, which is the cap in the telecom sector.

Costal Projects of Hyderabad would bring in Rs 160 crore of FDI for converting its operating company into an operating cum holding company.

New Delhi-based Unicon Financial Intermediaries; engaged in commodity broking, stock broking and other permitted non-banking finance activity; would attract Rs 120 crore of FDI through increase in FDI in its holding firm.

IT company Aurionpro Solutions would bring in Rs 53.65 crore of FDI through issue of equity shares and convertible warrants and through share swap.

Rs 19.45 crore of FDI would flow into India through a proposal by Standard Chartered Bank (Mauritius) for acquisition of additional equity and conversion of operating company into an operating cum holding company.