Govt clears FDI worth Rs 264 cr

NEW DELHI: Finance Minister Jaswant Singh on Tuesday cleared a Rs 213-crore FDI proposal of US-based Hughes Electronics for investment in telecommunication infrastructure in Kolkata.
This is one of the 21 FIPB proposals cleared by the minister, with FDI totalling Rs 263.8 crore, an official release said.
The proposals pertain to cargo handling, consumer electronics, lighting appliances and investments in telecommunication and computer software development. Another major proposal cleared is the Rs 43.5 crore FDI proposal of Koninklijke Philips of Netherlands for acquiring 6.7% outstanding shares by the foreign investor in Philips India project in Punjab.
Hughes was collaborating with Rithambara Agents, Tata Teleservices and Goldman Agents for investments in telecom infrastructure in Kolkata.
The FDI proposal, relating to Hughes’ (Maharashtra circle) merger with Tata Teleservices, is for transfer of redeemable preference shares from resident to non-resident and transfer of resident shares to non-resident shares.