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ICICI Venture among FDI plans cleared

Our Bureau

New Delhi , June 28

ICICI Venture Funds Management Company Ltd's plan to raise funds for its India Advantage Fund from non-resident Indians (NRIs), persons of Indian origins and other overseas investors involving foreign direct investment (FDI) worth Rs 450 crore was among the FDI proposals cleared by the Government on Monday. A total of 37 FDI proposals worth Rs 702 crore were cleared by the Finance Minister, Mr P. Chidambaram, here today.

The Minister also approved setting of two wholly-owned subsidiaries by Dubai Ports International for development, investment, management, operation and maintenance of ports and Special Economic Zone projects in India and operation and management of Rajiv Gandhi Container Terminal.

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