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Indian Government Clears 23 FDI Proposals
Thursday, May 03, 2007

The robust trend in FDI continues, as the government cleared 23 proposals on the recommendations of the Foreign Investment Promotion Board meeting on April 23. After the record high of $ 16 billion in 2006-07, the latest approvals will add another Rs. 351.41 crore to figures for 2007-08.

Figures multiplied three fold over the last year, when it was a mere $5.5 billion. The figures are even more impressive when reviewed over the last 3 years - FDI inflows have grown by 725% from $2.2 billion in 2003-04. Of the recent proposals that have been approved, the largest foreign investment in India would be brought in by Patil Rail Infrastructure, amounting to Rs. 240.75 crore.

The company would be utilizing the finance to manufacture and supply sleepers, rail track equipment and related products to the Indian Railways. Amongst other foreign investments, Cable and Wireless Networks, the telecom service provider, is committed to Rs. 50 crore, with foreign equity upto 74%. Grotto S.p.Ato of Italy will invest Rs. 18.5 crore to establish the "GAS" brand of casual wear in India.

Aldeasa S.A. of Spain will operate through a joint venture to establish duty free shops at airports and seaports, with an investment of Rs. 15.75 crore.

The technology process Hyderabad based Zolon Tech Ltd. will bring in Rs. 19.96 of FDI. Other FDI proposals which have been given the go-ahead are from Volvo India Pvt. Ltd, Kansai Nerolac Paints and BG Energy Holdings of the UK.

Related Readings:

Finance Ministry Approves 17 New FDI Projects

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