Govt approves 9 FDI proposals worth about Rs 75 cr

NEW DELH:I: The government today said it has approved nine foreign direct investment (FDI) proposals, entailing an investment of about Rs 75 crore.

"Based on the recommendations of the Foreign Investment Promotion Board (FIPB)...(the) government has approved nine proposals of FDI amounting to Rs 74.61 crore," the government said in a statement.

High Mark Credit Information Services, whose FDI proposal worth Rs 23 crore has been granted, plans to increase the foreign equity participation in the company from 40 per cent to 49 per cent.

Ramboll Singapore, which plans to set up a wholly-owned subsidiary to provide engineering consultancy services in the field of oil and gas, is likely to bring in foreign investment of Rs 22 crore.

Other approved proposals are of UK's Ramboll Whitbybird Holdings, Amann Sewing & Embroidery Threads, Rescal S.A.S France, Housing Development Finance Corp, and Marconi Telecommunications.

Six proposals have been advised to access automatic route that include the Rs 119.63 crore proposal of Network18 Media & Investments to induct foreign equity and to permit the non resident investment limit up to 49 per cent of the fully diluted paid up capital.