Indian Government Clears 23 FDI Proposals

The robust trend in FDI continues, as the government cleared 23 proposals on the recommendations of the Foreign Investment Promotion Board meeting on April 23. After the record high of $ 16 billion in 2006-07, the latest approvals will add another Rs. 351.41 crore to figures for 2007-08.

Figures multiplied three fold over the last year, when it was
a mere $5.5 billion.
The figures are even more impressive when reviewed over the last
3 years – FDI inflows have grown by 725% from $2.2 billion in 2003-04.

Of the recent proposals that have been approved, the largest foreign investment in India would be brought in by Patil Rail Infrastructure, amounting to Rs. 240.75 crore.

The company would be utilizing the finance to manufacture and
supply sleepers, rail track equipment and related products to
the Indian Railways.
Amongst other foreign investments, Cable and Wireless Networks,
the telecom service provider, is committed to Rs. 50 crore, with
foreign equity upto 74%. Grotto S.p.Ato of Italy will invest
Rs. 18.5 crore to establish the “GAS” brand of casual wear in India.

Aldeasa S.A. of Spain will operate through a joint venture to
establish duty free shops at airports and seaports, with an investment
of Rs. 15.75 crore.

The technology process Hyderabad based Zolon Tech Ltd. will
bring in Rs. 19.96 of FDI. Other FDI proposals which have been
given the go-ahead are from Volvo India Pvt. Ltd, Kansai Nerolac
Paints and BG Energy Holdings of the UK.

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Photo: Supreme Court of India, inside buildings 03 by Pinakpani, licensed under CC BY-SA 4.0, via Wikimedia Commons.