Full throttle: Govt clears 26 FDI proposals

NEW DELHI: The government on Thursday cleared 26 foreign direct investment (FDI) proposals, including one by two Mauritius-based companies to buy a 26.7% stake in a tea plantation company of Kolkata for Rs 188.3 crore, which will bring Rs 283 crore into the country.

The other big proposals, cleared by finance minister P Chidambaram on the recommendation of the Foreign Investment Promotion Board, include Rs 44.5 crore of FDI each by Itochu and UK-based Goldshield Group. Mavi Investment Fund and Lotus Global Investments of Mauritius will buy up to 26.7% equity in Assam Company for Rs 188.3 crore.

The Kolkata-based company is engaged in cultivation, manufacture and sale of tea. It has operations in Assam and Nagaland. Itochu will invest Rs 44.5 crore to set up a subsidiary to carry on trading of items sourced from small scale sector. The Japan-based company will have up to 100% stake in the Indian subsidiary.

Itochu has not disclosed the location of the proposed subsidiary. Goldshield Group of UK will invest Rs 44.5 crore in setting up a holding company in Goa for making downstream investments in real estate development projects.

Other proposals include pumping of Rs 1.1 crore by Spain-based Roca Sanitario in Parryware Glamourroooms, which is based in Tamil Nadu and trade bathroom products sourced from third parties. A proposal by 57 US-based NRIs to set up a TV studio in Kerala, was also cleared, according to an official release here.