Govt clears 22 FDI proposals

NEW DELHI: The government has cleared 22 foreign direct investment (FDI) proposals, including those of Yamaha and Nokia, worth Rs 541.25 crore, report.

The proposals, cleared on the recommendation of FIPB, include Nokia���s plan to set up at single-brand retail joint venture with HCL Infosystems to sell handsets and accessories. The JV would invest Rs 25 lakh in the retail business.

Yamaha���s proposal to transfer its business operations to a new company in India, Yamaha Motor, was also given the FIPB nod.

Tikona Digital Networks will attract the highest FDI of Rs 237.26 crore. However, Al Khaleej���s plans to set up a sugar refinery, have been rejected. FIPB deferred Vijay Mallya-promoted United Breweries request for a post-facto approval for issue of warrants to overseas investors.