Nod for FDI proposals worth Rs 122 crore

NEW DELHI: The government on Tuesday cleared FDI proposals involving a total inflow of Rs 122.3 crore, including that of First Flight Couriers and Carlson Hotels.

The FDI projects approved by finance minister P Chidambaram included proposals from Starlight Real Estate, Quipo Telecom Infrastructure, Kerstin Rohrig Bendrof, Amalgamated Plantations and DE Shaw Composite Investment, according to a press release issued by the finance ministry.

The largest proposal involving a sum of Rs 42 crore is that of Mauritius-based Starlight Real Estate, which plans to set up a wholly owned holding company to make investments in various construction development projects including hotels, industrial parks and hospitals.

Mumbai-based First Flight Couriers plans to induct 27.74% equity by way of private placement from Dunearn Investment, entailing an inflow of Rs 4.12 crore. The proposal of Carlson Hotels Asia Pacific entails setting up a joint venture—Elbrus Builders for a hotel in Noida and involves an equity investment of Rs 2.6 crore. The JV also includes Unitech and Lavenders.

The proposal of Amalgamated Plantations involves an inflow of Rs 35 crore for offloading a 20% stake to International Finance Corporation by issuing fresh shares.

Other companies whose investment proposals were approved included Delta Energy Systems, Nord Drive Systems, Value Source Technologies, I-Velozity, Inverness Medical Innovations and Khanna Speciality Retail and Distributors. These proposals were recommended by the Foreign Investment Promotion Board to Mr Chidambaram for final approval.