| The Foreign Investment Promotion Board (FIPB) -- the apex government body for approving foreign investment in the country -- also allowed non-resident Indians, foreign institutional investors and venture capital funds registered with the market regulator to buy shares of HFCL Infotel Ltd. |
| FIPB also cleared the proposal of Citicorp International Financial Corporation and Chrys Capital-II to invest Rs 126.54 crore in Hyderabad based IVRCL Infrastructure and Projects Ltd. IVRCL provides infrastructure services, including turnkey solutions on water transportation. |
| The application from Citicorp and Chrys Capital to invest in IVRCL Infrastructures & Projects, would be in line with Securities and Exchange Board of India (Sebi) norms, the official release said. |
| The nod to the HFCL proposal will mean that resident holders can transfer the telecommunication company's shares worth Rs 48.7 crore to non residents. |
| A majority of the FDI proposals cleared today are in infrastructure, telecom services, integrated township, wholesale trading and software projects. |
| The government has allowed Singapore-based Keppel Land Asia Pte to set up a joint venture with the Bangalore-based Puravankara Projects. |
| Keppel will invest Rs 24 crore for picking up a 51 per cent stake in the new venture for developing of an integrated township. |
| The other applications cleared by FIPB include that of Homag Vertriebsbeteligungs of Germany to hike its stake in its Indian arm from 51 to 100 per cent. The company plans to invest Rs 4.25 crore in its subsidiary, which is engaged in import and wholesale trading of high-tech machines. |
| Japanese diamond merchant Kashikey Co, will invest Rs 19 lakh for obtaining 76 per cent stake in its Indian arm. |
| US-based Dow Chemicals has also been allowed to restructure the equity structure of its Indian company to establish a 100 per cent holding company. |
| More FDIs |
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