The modal body that is working for clearing the foreign direct investment proposals for the Indian government, the Foreign Investment Promotion Board (FIPB), has recently rejected a proposal by the Red Fort India Realty Fund (Trust). The sources from the board have informed that the Red Fort is a registered venture capital fund for real estate investments and it did propose to bring in some investments from the offshore corporate entities, that are being owned by the non-resident Indians.
The officials of the FIPB have stated that they have taken the decision of rejecting Red Forts proposals at a meeting held on 7th March, 2008 and they have also deferred a proposal made by the Singtel Australia Holding. The Singtel proposed to set up a joint venture company with a foreign equity of up to 74 per cent for offering telecom services in India. The officials also said that this proposal is attracting the Press Note 1 of the 2005 series, as SingTel is having a joint venture company with the Bharti Tele-Ventures.
The officials from the FIPB have also informed that the Union Finance Minister, Mr. P Chidambaram has recently approved a number of 18 foreign direct investment proposals that have a total amount of amounting to Rs 1,553 crore. The officials added that Mr. Chidambaram has approved the FDIs only after getting specific recommendations from FIPB. The officials further said that the Mumbai-based Essar Capital has received the nod for acting as a holding company in order to make downstream investments in the financial sector and also to induct foreign equity by way of subscription and acquisition of equity shares. This approval is likely to bring a huge amount of Rs 560 crore of foreign investment in India soon.
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| Posted : 3/17/2008 |
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