The Hindu Business Line : J.M. Financial among 25 FDI proposals cleared

New Delhi, Feb. 13 The Finance Minister, Mr P. Chidambaram, has approved 25 foreign direct investment (FDI) proposals worth Rs 5,584.82 crore. These proposals were recommended for approval by the Foreign Investment Promotion Board (FIPB) at its meeting held on February 8.

The proposals that were approved include J.M. Financial Trustee Co’s proposal to bring in about Rs 1,460 crore through induction of foreign equity by way of subscription to units on a private placement basis. The Indian company is engaged in FDI compliant construction development projects.

The application of AAPC Hotels Management Pte Ltd, Singapore to bring in Rs 526 crore over a period of five years also received nod.

Besides Bycell Telecommunications’ Rs 1,950 crore proposal, the other major proposals that got approval were KVK Energy & Infrastructure’s Rs 400 crore proposal for induction of foreign equity. Mumbai-based Dumeric Holdings Pvt Ltd’s Rs 400-crore proposal to make further downstream investments and Sequoia Capital India Growth Investments I Mauritius’ plan to bring in Rs 120 crore through induction of foreign equity in a holding company.

In the civil aviation sector, the proposal of Indian Aero-Ventures Pvt Ltd involving FDI of Rs 131.20 crore for functioning as an operating-cum-holding company and making downstream investments in maintenance, repair and overhaul of engines was also cleared by the Government.

Meanwhile, an official release said that the proposals of Daimler AG, Germany and SKIL Infrastructure has been recommended to the Cabinet Committee on Economic Affairs. The proposals of Navteq Corporation USA (for digital maps using GIS application), and India Rizing Fund, Mumbai (for defence SME scheme) have, however, been deferred.

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