| The government cleared Singapore-based Temasek’s proposal to invest Rs 450 crore ($100 million) in a power sector fund along with leading power utility Reliance Energy Ltd, which has already invested an equal amount in the fund.
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| The $200-million fund, yet to be named, will invest in power projects in the country, generation, distribution and transmission. It is expected to take off in a month.
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| Finance Minister P Chidambaram cleared the Temasek proposal after it was approved by the Foreign Investment Promotion Board. Temasek, the Singapore government’s investment arm, is routing the investment through a Mauritius-based investment company, Aranda Investments.
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| This will be the latest in a string of investments Temasek has made in India. Temasek has also set up the $100 million Merlion fund, which will invest in small and mid-sized Indian companies. It is eager to invest in various sectors in India, including pharmaceuticals and civil aviation.
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| Reliance Energy Ltd, earlier BSES Ltd, is India’s leading integrated power utility company in the private sector. The company is putting up a 3500 MW gas-based power project in Uttar Pradesh at a cost of Rs 10,000 crore. This is billed as the world’s largest gas-based greenfield project.
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| The Temasek proposal was among 48 foreign direct investment proposals involving an investment of around Rs 794 crore, cleared by the finance minister.
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| The government also cleared a Rs 225-crore proposal by Mumbai-based financial investment entity Deutsche India Holdings to set up a holding firm with the Singapore-based Deutsche Asia Pacific Holdings.
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| The government also okayed a proposal by Saint Gobain Weber to set up a wholly owned subsidiary involving an investment of Rs 30 crore, a Rs 17.3 crore proposal by Goa Optolab, a Rs 16.2 crore proposal by Allied Domecq Spiritis & Wine and a Rs 15 crore proposal by the Bangalore-based IT-enabled services company Viteos Technologies.
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| Other companies whose plans were approved, include GE Lighting India, Tata Honeywell, Tupperware, mphasis BFL, Qualcomm and Convergent software. |
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