Govt approves 29 FDI proposals of 616 crore

NEW DELHI: The government on Wednesday approved 29 foreign direct investment (FDI) proposals worth Rs 616 crore including AAPC Singapore's Rs 365 crore hotel project.

AAPC plans to set up a wholly-owned subsidiary in India for its hospital-ity venture, a finance ministry statement said.

The government has also allowed ABG Bulk Handling's plan to convert its operating company into an operating- cum-holding company. It pro-poses to make downstream investments of Rs 90 crore.

Other proposals cleared by the government include Rs 50 crore invest-ment proposal of Cinema Capital Ventures Fund, US-based Telcordia Technologies��� plan to induct foreign equity up to 74% in the mobile number portability solutions business and Telcordia plan to invest Rs 45 crore in its Indian operation.

Poltrona Frau's proposal to set up a single brand retail joint venture (JV) with Tata group company Eward also got the government���s nod, the statement said. The foreign company would invest Rs 21 crore in the proposed JV.

FDI proposals are cleared by the government on the basis of Foreign In-vestment Promotion Board���s (FIPB) suggestions. The board, constituted by the top officials of economic ministries, screens such FDI proposals where prior government approval is required.

The FIPB, however, deferred Gurgaon-based real estate company Unitech���s proposal to make downstream investments in real estate sec-tor.

It also deferred 18 other applications including FDI proposals of John Deere Construction, BNP Paribas Securities Services, Yamaha Motor In-dia, Quippo Telecom Infrastructure and Hiranandani Realtors.