Rs 530 crore FDI plans cleared

The government approved 28 foreign direct investment (FDI) proposals worth about Rs 530 crore.

These include the Rs 456 crore proposal submitted by strategic investors and foreign financial institutions to hike their stake in Gujarat Pipavav Port Ltd to 100 per cent.

At present, these investors, which include PSA, Sea King Infrastructure, AP Moller Group, CDC and financial institutions like New York Life Insurance, AMP, UTI and IDBI hold 49 per cent stake in the port project, which operates from Amreli in Gujarat.

US-based Sprint Corporation's Rs 9.60 crore investment, which will take foreign equity participation in its Indian arm to 100 per cent, was also approved.

Infotech solutions provider Inter-Pacific of the US will bring in Rs 8.83 crore to hike its stake in Accel ICIM Systems and Services to a majority 57 per cent.

Finance Minister Jaswant Singh approved these proposals, which had been recommended by the Foreign Investment Promotion Board at its meeting on March 5.

The major investment proposals pertain to manufacturing holographic film tapes and other products, wholesale trading on cash-and-carry basis, non-banking financial services, software development, infotech solutions, Internet services and other telecom-related products and services.