Govt okays 18 FDI proposals

NEW DELHI: The government on Friday approved 18 foreign investment proposals worth Rs 2,245.32 crore, with the major inflow being accounted for by Transcend Infrastructure for setting up communication and broadcasting towers business.

Transcend Infrastructure (TIL) proposal entails FDI inflow of Rs 1,932 crore, a finance ministry statement said. The company plans to build, acquire and lease towers for the communications and broadcasting sectors, it added.

Meanwhile, the government has rejected 10 proposals , including those of M& M, INX Media, Telcordia Technologies and Siemens.