The Union Government approved 22 proposals worth Rs 541.25 crore of FDI on recommendations of the Foreign Investment Promotion Board.
Tikona Digital Networks, a Mumbai based broadband company will recieve the highest FDI of Rs 237.26 crore, while Kolkata based Electrosteel Castings will receive Rs 157.47 crore of FDI.
On the other hand, Nokia's plan to set up the first single-brand retail JV with HCL Infosystems to sell handsets and accessories that will bring in Rs 25 lakh in India got a go ahead. Yamaha's proposal to transfer its business operations to a new company in India, India Yamaha Motor, was also cleared by the government.
Two proposals, including Al Khaleej's plans to set up a sugar refinery, have reportedly been rejected.
Source : ProjectsToday
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