Govt Okays 23 FDI Plans Worth Rs 2,300 Cr

ToI 30/3/10

Japan commits over Rs 10,000 cr in infra

New Delhi: Japan on Monday committed over Rs 10,000 crore to six key infrastructure projects in the new fiscal starting April 1. The projects include the second phase of Delhi Metro, the East-West Corridor of Kolkata Metro and the Railways’ Dedicated Freight Corridor.

Japanese ambassador Hideaki Domichi and senior finance ministry officials signed an agreement in this regard. Japan has pledged an investment of 215 billion yen or Rs 10,535 crore. With this, India becomes the highest recipient of Japanese aid crossing Rs 1.55 lakh crore.

The money pledged for the second phase of the Delhi Metro is about Rs 1,648 crore, the allocation for Kolkata Metro’s second phase is Rs 1,146 crore, Rs 2,932 crore for the second phase of the Chennai Metro project and Rs 4,422 crore for the first phase of the Dedicated Freight Corridor project of the Railways.

The allocation also includes Rs 150 crore for the Rengali irrigation project in Orissa and Rs 263.8 crore for a forestry project in Sikkim.

Meanwhile, the finance ministry on Monday approved 23 foreign direct investment (FDI) proposals worth over Rs 2,300 crore. The highest FDI approved has been for broadband service provider Tikona Digital Network for about Rs 1,142 crore. The investment in Tikona is to come through convertible debenture and share sale.

Pune-based Kalyani group company Bharat Forge’s proposal to raise Rs 576 crore by issuing warrants to overseas investors and medical device maker Opto Circuits’ Rs 376 crore proposal were the other major ones approved.

The government has deferred eight proposals, including those of Essar Capital Holding, Verizon Communications and Etisalat DB Telecom, besides rejecting six FDI proposals. Star India Holding company has withdrawn its Rs 324 crore proposal, finance ministry said.

France wooing India Inc

New Delhi: To counter the tough global economic environment, France on Monday urged India Inc to invest in the world’s fifth largest economy. This is also a testimony to the increasing respectability towards Indian entrepreneurs. “Flow of Indian investment in France is very limited. French government wants more Indian investments in France,” French Ambassador to India Jerome Bonnafont said. At present, only 90 Indian companies have presence in France, employing about 6,000 people. As against this, 700 French firms have invested in India employing about 1.6 lakh people. Bonnafont said the presence of Indian companies in France is “too small and should improve seeing the kind of opportunities France is providing to Indian entrepreneurs.

The ambassador said “France with its three million companies could be a good choice for Indian investors.” He said a lot of familyowned companies are up for sale as the next generation of the family does not want to continue in the same business. This, he said, provide a good opportunity to Indian companies to acquire some of them to start their operations in France, which can serve not only the customers from France but also from other parts of European Union and Africa

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