| The $200-million fund, yet to be named, will invest in power projects in the country, generation, distribution and transmission. It is expected to take off in a month. |
| Finance Minister P Chidambaram cleared the Temasek proposal after it was approved by the Foreign Investment Promotion Board. Temasek, the Singapore government's investment arm, is routing the investment through a Mauritius-based investment company, Aranda Investments. |
| This will be the latest in a string of investments Temasek has made in India. Temasek has also set up the $100 million Merlion fund, which will invest in small and mid-sized Indian companies. It is eager to invest in various sectors in India, including pharmaceuticals and civil aviation. |
| Reliance Energy Ltd, earlier BSES Ltd, is India's leading integrated power utility company in the private sector. The company is putting up a 3500 MW gas-based power project in Uttar Pradesh at a cost of Rs 10,000 crore. This is billed as the world's largest gas-based greenfield project. |
| The Temasek proposal was among 48 foreign direct investment proposals involving an investment of around Rs 794 crore, cleared by the finance minister. |
| The government also cleared a Rs 225-crore proposal by Mumbai-based financial investment entity Deutsche India Holdings to set up a holding firm with the Singapore-based Deutsche Asia Pacific Holdings. |
| The government also okayed a proposal by Saint Gobain Weber to set up a wholly owned subsidiary involving an investment of Rs 30 crore, a Rs 17.3 crore proposal by Goa Optolab, a Rs 16.2 crore proposal by Allied Domecq Spiritis & Wine and a Rs 15 crore proposal by the Bangalore-based IT-enabled services company Viteos Technologies. |
| Other companies whose plans were approved, include GE Lighting India, Tata Honeywell, Tupperware, mphasis BFL, Qualcomm and Convergent software. |
Top Section
Explore Business Standard