Govt clears 18 FDI proposals worth Rs 610 cr

NEW DELHI: The government on Tuesday cleared 18 proposals involving foreign direct investment worth Rs 610 crore. This includes the Rs 521.37-crore proposal of the US company iSolutions and others to hike stake in Indian operations to beyond 60 per cent.
Earlier, the Foreign Investment Promotion Board (FIPB) had submitted its recommendations to Commerce and Industry Minister Murasoli Maran for approval and clearance, an official statement said here.
iSolutions along with Amit and Marendra Patni, GE Capital Mauritius Equity Investment, General Electric Mauritius, Bank of New York and GE APC Technology Capital Mauritius plan to hike their combined 39.21 per cent stake in software services company Patni Computer Systems to 60.49 per cent at Rs 521.37 crore investment.
The 18 proposals pertain to sectors like integrated townships, cargo handling, cash and carry wholesale trading and software development.