By IANS
News Delhi : Finance Minister P. Chidambaram has approved 13 foreign direct investment (FDI) proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on Sep 20. The approval amounts to more than Rs.3.9 billion.
Prominent among the clearances was Maruti Udyog Ltd’s proposal to set up a new joint venture with Futaba Industrial Co Ltd of Japan, with foreign equity of up to 51 percent to be engaged in the manufacture and sale of exhaust pipes and mufflers. The fund inflow for this would be Rs.459 million.
Hyderabad-based KVK Energy and Infrastructure Pvt Ltd will induct foreign equity up to 70 percent to make investments in downstream operating companies engaged in implementation of power sector projects to the tune of Rs.970.6 million.
Secunderabad-based Aster Infrastructure Pvt Ltd will induct foreign equity up to 72.5 percent in a company engaged in the activity of telecom infrastructure provider. The foreign fund inflow will be more than Rs.2.3 billion.