Govt clears FDI worth Rs 530 cr

NEW DELHI: The government on Monday cleared 28 foreign direct investment (FDI) proposals amounting to Rs 529.6 crore. This includes a Rs 456-crore proposal by strategic investors and FIIs to invest in the Pipavav Port in Gujarat. Monday’s clearance will increase the foreign equity component in the project from 49% to 100%. The other major investment proposals pertain to the manufacturing of holographic film tapes, software development, IT solutions, ISP and telecom-related products and services. The proposals were cleared by the finance minister, on the recommendations of the FIPB.
The US-based Intel Pacific also got the green signal to enhance its equity in Accel Icim System & Services from 27.6% to 56.8%, by investing Rs 8.8 crore. Sprint Corporation got the go-ahead to raise its equity in Sprintlink India to 100%. This will entail a Rs 9.6-crore investment.