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Construction : Web Exclusive | September 2014 | Source : Construction Update

Government of India approves 22 FDI proposals worth Rs 3,951 crore

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on August 1, 2014, the Government has approved 22 proposals of Foreign Direct Investment (FDI) amounting to Rs 3,951.61 crore approximately. The prominent names among the approved proposals include 1) Telenor Mobile Communications AS, Norway through Telenor South Asia Investment Pte. Ltd (TSAI), Singapore. The foreign parent of an Indian company engaged in the telecom sector. Proposes to increase its shareholding from 74% to 100%. FDI: Rs 780.86 crore. 2) Tikona Digital Networks Pvt. Ltd., Mumbai proposes to Increase foreign equity participation from approval level of 72.58 to 73.76% by issuing compulsorily convertible debentures (CCDs) and/or equity shares to International Finance Corporation and other existing non-resident investors. FDI: Rs 250 crore. 3) Netmagic Solutions Pvt Ltd. The proposal is for enhancement of foreign equity participation in Netmagic Solution Private Ltd., a telecom company, from 74% to upto 81.6345% by NTT Communications, the foreign parent. FDI: Rs 575 Crore.
 
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