News: Indian govt approves FDI proposals worth Rs 896-cr

(PTI 17/10/2006) New Delhi - The Government has approved 22 FDI proposals worth Rs 896.25 crore, including over Rs 500 crore in real estate by Singapore-based Solitaire Capital Investments. Solitaire, with Rs 511.50 crore, was the single largest investor cleared by the Finance Ministry. The company will accept contributions on repatriation basis into a venture capital fund for making these investments. The proposals, cleared by Finance Minister P Chidambaram on the recommendations of Foreign Investment Promotion Board, also include a plan by Mauritius-based Bijlee Bharat Holdings that will bring FDI inflow of Rs 307.94 crore. Bijlee Bharat will set up a wholly-owned subsidiary in Hyderabad for investing in multiple power plants. Also, NSK Limited of Japan has committed Rs 41.25 crore to set up a new JV in Chennai to manufacture magnetic clutch bearings and ball bearings. The Tokyo-based company will bring in Rs 41.25 crore into India. Spain-based Lladro Commercials S.A. will pump in Rs 5.85 crore for increasing its equity in Spa Agencies (India) from 26 per cent to 49 per cent.