Govt clears FDI worth Rs 191 cr

NEW DELHI: The government on Thursday cleared 24 FDI proposals worth Rs 190.9 crore. This includes a Rs 140-crore proposal by a Korean confectionery company. Lotte plans to acquire resident shares through a public issue.
A proposal by Dubai-based Emmar Properties to bring in Rs 32 crore to set up a company for integrated township development in Hyderabad was also cleared.
According to an official release, Jaswant Singh cleared these proposals, based on the recommendations of the FIPB. The Board held its meeting on February 25. The other major investment proposals pertain to software development and information technology services. GE Pacific (Mauritius) proposal to acquire shares of GE Plastics India from existing resident and non-resident shareholders was also cleared, but the FDI involved is negligible. Amway Corporation’s marketing permission has also been extended.
Besides, UK-based JCB Excavators will convert JCB India into a holding company and set up a downstream venture.