Singapore firm predominant in India's FDI clearance

New Delhi, March 4 (PTI) The Indian Government has
cleared 29 FDI proposals worth Rs 616 crore, more than half of
which will be brought in by AAPC of Singapore in the hotel
business in India.

AAPC Singapore Pte Ltd will invest Rs 365.78 crore
in an Indian company for constructing and managing low-budget
hotels as per the proposals cleared on the recommendation of
the Foreign Investment Promotion Board (FIPB).

However, the government has deferred as many as 19
proposals including those of Hiranandani Realtors, Yamaha
Motor India, BNP Paribas Securities Services and Quippo
Telecom. It also rejected a proposal by ICP Investments
(Mauritius) Ltd.

Besides AAPC, a proposal by cargo-handling company
ABG Bulk Handling was approved, involving FDI of Rs 90 crore
for making downstream investment.

India's first regulated entertainment venture fund Cinema
Capital Ventures Fund will bring in Rs 50 crore for investment
in the fund.

Global telecom leader Telcordia Technologies of USA will
invest Rs 45 crore in buying equity in Indian companies to
carry out mobile number portability solutions.

Furniture design company Poltrona Frau's proposal for
single-brand retail trading has also been cleared and it will
bring in Rs 21.50 crore.

The government also cleared Astra Microwave Products'
proposal for investment in a company for manufacturing
licensed defence items, which will, however, not result in any
FDI inflows.

A proposal by What's on India Media was also approved for
holding a TV channel licence for uplinking a non-news and
current affairs TV channel from India, which will also not
lead to any FDI inflows.

On a proposal by Goldman Sachs Investments for seeking
ex-post facto approval for its seven per cent investment in
commodity exchange NCDEX, the government said it has taken
note of the fact.

The Government does not currently allow an individual
entity to hold more than 5 per cent in a commodity exchange
but Goldman Sachs had invested when the policy was not there.