Search:



The Web

Rediff








Home > Business > PTI > Report

Govt nods Reliance Energy's FDI plan

September 02, 2004 17:32 IST
Last Updated: September 02, 2004 19:34 IST


The Government on Thursday approved 48 foreign direct investment proposals aggregating Rs 793.90 crore (Rs 7.94 billion), including Reliance Energy's Rs 450 crore (Rs 4.5 billion) proposal seeking foreign equity for its power generation, distribution and transmission venture.

The proposals, recommended by the Foreign Investment Promotion Board, were cleared by Finance Minister P Chidambaram, an official statement said in New Delhi on Thursday.

Reliance Energy had sought foreign equity participation to the extent of 50 per cent for its venture in Mumbai for which it is tying up with Mauritius-based Aranda Investments.

The approved proposals also include Mumbai-based financial investment entity Deutsche India Holdings' Rs 225 crore (Rs 2.25 billion) proposal for setting up a holding firm with Singapore-based Deutsche Asia Pacific Holdings.

The major investment proposals pertain to power, industries, health, manufacture and distribution, NBFC activities and software and IT enabled services sectors.

The other proposals cleared are Rs 30 crore (Rs 300 million) proposal of Saint Gobain Weber to set up a wholly-owned subsidiary, Rs 17.3 crore (Rs 173 million) of Goa Optolab, Rs 16.2 crore (Rs 162 million) of Allied Domecq Spiritis & Wine and Rs 15 crore (Rs 150 million) proposal of Bangalore-based ITeS company Viteos Technologies.

Other companies whose FDI proposals were approved include GE Lighting India, Tata Honeywell, Tupperware, MphaSiS BFL, Qualcomm and Convergent Software, the statement said.



Article Tools
Email this article
Top emailed links
Print this article
Write us a letter
Discuss this article



Related Stories


Govt clears Nike's FDI plan

Bharti shares plummet








© Copyright 2004 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.











Copyright © 2004 rediff.com India Limited. All Rights Reserved.