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Government approves 10 FDI Proposals worth Rs. 1123.059 Crore |
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Written by Anand
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Thursday, 20 August 2009 |
New Delhi: The Government has approved 10 Proposals of Foreign Direct Investment amounting to nearly Rs. 1123.059 Crore, based on the recommendations of Foreign Investment Promotion Board (FIPB) at its meeting held on July 24, 2009.
Those approved include, a proposal by SMS Siemag Aktiengesellschaf, Germany, to set up a joint venture company to carryout the activities relating to manufacture, sale and commissioning of Single Stand Reversing Cold Mills, Skin Pass Mills, Compact Cold Mills and Strip Process Lines.
This proposal by SMS Siemag Aktiengesellschaf is expected to infuse FDI worth Rs. 30 Crore.
Meanwhile, a proposal by Taneja Aerospace and Aviation Ltd., Tamil Nadu, to regularize the FII investment in the Defence Sector has been deferred. A proposal by EADS, Germany and Larsen & Tourbo Limited (L&T), Mumbai to incorporate a manufacturing Joint Venture company to undertake the production of Defence equipment (manufacture of arms and armaments) was also deferred. |
