Govt clears 18 FDI proposals

Swiss firm Nuance Group's plan to set up duty-free shops in airports and Nokia Siemens Networks' proposal to make investment for manufacturing telecom equipment were among the 18 applications involving a total of 64.66 crore FDI inflow cleared by the government today.

While Nuance Group plans to invest Rs 25 crore to manage duty-free shops in airports, Nokia Siemens Networks would make an investment of Rs 12.42 crore in manufacturing and marketing of telecom equipment.

The proposals were cleared by Finance Minister P Chidambaram on the recommendations of Foreign Investment Promotion Board, an official statement said.

Nuance Group's proposal is to undertake operation and management of duty-free shops, food and beverage outlets at airports in Mumbai, Bangalore, Hyderabad and other places.

Besides, Italian company Ermenegildo Zegna Holditalia would set up a single brand 'zegma' retail stores in India.

The proposal involves FDI of Rs 1.53 crore. Parry Murray & Company of UK would set up a subsidiary in Chennai for trading of textile and other products for home furnishing sourced from third parties. The proposal involves FDI of Rs 0.2 crore.