Govt clears 22 FDI proposals worth Rs 541 crore

New Delhi, Apr 27 (PTI) The Indian government has cleared
22 proposals, including those of Yamaha and Nokia, that will
bring in Rs 541.25 crore of foreign direct investment (FDI)
into India.

The proposals, cleared on the recommendation of the
Foreign Investment Promotion Board (FIPB), include Nokia's
plan to set up the first single-brand retail joint venture
with HCL Infosystems to sell handsets and accessories that
will bring in Rs 25 lakh in the country.

Yamaha's proposal to transfer its business operations to
a new company in India, India Yamaha Motor Pvt Ltd, was also
given the go-ahead by the Government.

Mumbai-based broadband company Tikona Digital Networks
will bring in the highest FDI of Rs 237.26 crore, while
Kolkata-based Electrosteel Castings, which is in the metal
business, will receive Rs 157.47 crore of FDI.

Two proposals, including Al Khaleej's plans to set up
a sugar refinery, have been rejected. PTI