Rs 524-crore FDI proposals cleared

The government has cleared nine proposals that will bring in foreign investment of Rs 524 crore, more than half of which would be contributed by Japan’s Mitsui and Company to set up warehousing and container freight stations in the country.

Mitsui plans to invest Rs 326 crore in setting up a wholly-owned subsidiary in warehousing segment and a joint venture company in the container freight stations sector.

However, a proposal by US-based Telecordia Technologies for mobile number portability was deferred following concerns raised by the home ministry. Mobile number portability enables a customer to retain his mobile number while switching over to another service provider.

Along with it, six other proposals were also deferred, including US-based Verizon Communications’ plans for transfer of equity shares.

Five proposals, including Bangladesh-based Southern CNG Automobiles plan, were rejected on the recommendations of the Foreign Investment Promotion Board (FIPB).

The government approved a proposal by the world’s largest liquor manufacturer, Diageo, to acquire fully its joint venture with Radico Khaitan.

FIPB will again meet on January 18 to consider fresh applications of foreign direct investments.

After Mitsui, the other largest FDI would be contributed by Internet Global Services Ltd, which proposes to bring in Rs 100 core, followed by Goldman Agent Pvt Ltd, which intends to invest Rs 93 crore.

The government also gave its nod to Premiere Conferencing (Ireland) to set up a wholly-owned subsidiary to provide audio\web conferencing and collaboration services and data communication services in India. FIPB has also approved the proposal of Chennai-based R K Swamy BBDO Pvt Ltd to induct foreign equity in a company engaged in advertising activity.