Home Economy Chidambaram clears 17 foreign investment proposals

Chidambaram clears 17 foreign investment proposals

By IANS

New Delhi : A proposal from Australia's Carlson Hotels to acquire 26 percent equity in a hotel project in Noida on the outskirts of the national capital is among 17 foreign direct investment applications cleared by the government.

The proposals, approved by Finance Minister P. Chidambaram, will result in an inflow of Rs.1.2 billion (some $300 million) in foreign exchange, an official statement said Tuesday.

The Carlson proposal is for a joint venture with Elbrus Builders, where Unitech, Lavenders and Colossal Builders are partners in the project.

Another proposal from Starlight Real Estate of Mauritius is for establishing a wholly-owned company to make investments in hotels, hospitals, industrial parks and SEZ with an equity inflow of Rs.420 million (around $10 million).

The other projects are in biotechnology, defence, telecom and urban development.