FM clears 17 FDI proposals

Finance Minister P Chidambaram has approved 17 foreign direct investment (FDI) proposals amounting Rs 122 crore, including the proposal from Mauritius-based Starlight Real Estate (ASCOT) to set up a wholly-owned holding company in to make downstream investments in various construction development projects including hotels, hospitals, industrial parks, special economic zones etc.

The proposals were referred to Chidambaram after the Foreign Investment Promotion Board, the nodal body for clearance of foreign investment, cleared the proposals in its 8 June meeting.