Govt clears 9 FDI proposals worth Rs 524 cr

NEW DELHI: The government has cleared nine proposals that will bring in foreign investment of Rs 524 crore, more than half of which would be contributed by Japanese Mitsui and Company in setting up warehousing and container freight stations in the country.

Mitsui plans to invest Rs 326 crore in setting a wholly-owned subsidiary in warehousing segment and a joint venture company in container freight stations sector.

However, a proposal by US-based Telecordia Technologies for mobile number portability was deferred following concerns raised by the Home Ministry.

Mobile number portability enables a customer retain his mobile number while shifting to other service provider.

Along with it, six other proposals were also deferred that include US-based Verizon Communications plans for transfer of equity shares.

Five proposals, including Bangladesh-based Southern CNG Automobiles plan, were rejected on the recommendations of the Foreign Investment Promotion Board (FIPB).

The government gave nod to a proposal by the world's largest liquor manufacturer, Diageo, to acquire fully its joint venture with Radico Khaitan.

The FIPB will meet again on January 18 to consider fresh applications of foreign direct investments.