Govt clears 22 FDI proposals worth Rs 541 cr

The government has cleared 22 proposals, including those of Yamaha and Nokia, that will bring in Rs 541.25 crore of foreign direct investment (FDI) into India.

The proposals, cleared on the recommendation of the Foreign Investment Promotion Board (FIPB), include Tikona Digital Networks’ proposal to bring in Rs 237.3 crore, Nokia’s plan to set up the first single-brand retail joint venture with HCL Infosystems to sell handsets and accessories, Yamaha’s proposal to transfer its business operations to a new company in India, India Yamaha Motor Pvt Ltd, and Kolkata-based Electrosteel Castings’ proposal to bring in Rs 157.47 crore of FDI.

Two proposals, including Al Khaleej’s plans to set up a sugar refinery, were rejected.

Under the Tikona proposal, Goldman Sachs Investment Partners, Indivision India Partners, Oak India Investments and Green Lotus will invest Rs 237.3 crore in the company. The investment will take their combined stake in the company to 69.9 per cent.