Centre clears 18 FDI proposals

NEW DELHI: The Central Government on Friday cleared 18 foreign direct investment (FDI) proposals worth Rs. 1,553.26 crore. This includes Essar Capital’s plans to acquire the status of holding company to make investment in downstream finance and non-banking financial sector and induction of equity shares by Essar Global for Rs. 560 crore. The proposals also include Bharat Connect’s plan to change the status of an operating company into an operating-cum-holding company to make downstream investment in NBFC companies for Rs. 250 crore.

Redington India’s proposal for induction of foreign equity by a holding company in a company by way of acquisition of shares for Rs. 195 crore was also approved by the Government.

2 Comments

  1. Posted March 19, 2008 at 6:25 am | Permalink

    I want to add the meaning of FDI so everyone can understand y gov. do this.

    If you’re not an Indian national than the Foreign Direct Investment (FDI) is allowed only in developing the land i.e you buy a piece of land & are expected to turn it into a commercial or a residential property for further selling. Foreign individuals can’t own a property, the laws are getting stricter. Developers from Europe, Middle East, South East Asia are thronging in to provide for the huge demand.

  2. Posted March 20, 2008 at 4:15 am | Permalink

    Essar group is a very big group.The Essar Group is an India-based diversified corporation with interests in telecommunications, shipping, steel, construction, power and oil. The group has an estimated market value of US$ 15 billion and has an annual revenue of US$ 2.2 billion. Major Essar brand names include Vodafone Essar, Essar Refinery and Algoma Steel.

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