News: Indian govt clears FDI proposals worth Rs 245 crore

(PTI 28/07/2006) New Delhi - The Government has approved 14 Foreign Direct Investment proposals totalling Rs 245.483 crore, including one by Singapore-based AAPC Hotels Management Pvt Ltd for building a hotel at an investment of Rs 150 crore.

The proposals were cleared by Finance Minister P Chidambaram on the recommendations of Foreign Investment Promotion Board, an official release said.

AAPC Hotels has formed a joint venture -- Express Call Pvt Ltd -- which would construct, develop and own a hotel project.

Besides the hotel project, other proposals related to broadcasting, information technology, small scale industries, telecom and economic affairs have been approved.

The proposal of ILM Trichy (Mauritius) Ltd to fund the Trichy Tollway road project in Hyderabad at an investment of Rs 93.865 crore was also cleared.

Chidambaram also approved increase in foreign equity holding from 49 per cent to 68 per cent in Hutchinson Telecom. The proposal did not involve any fresh inflow of foreign investment, the release said.

The proposal of New York-based Conde Nast Asia Pacific to publish and print speciality fashion magazines Vogue and Glamour in India was approved as well.

Singapore-based MCN International's proposal to set up a wholly owned subsidiary for TV broadcasting at an investment of Rs 1.50 crore also received government nod.