The Hindu Business Line : Starlight Real Estate among 17 FDI proposals cleared

New Delhi June 12 The Government has cleared 17 proposals allowing foreign direct investments (FDI) worth Rs 122.3 crore, including that of Starlight Real Estate (ASCOT) Mauritius Ltd, Amalgamated Plantations Private Ltd, Quipo Telecom Infrastructure Ltd and First Flight Couriers Ltd.

A proposal by Starlight Real Estate to bring Rs 42 crore for establishing a holding company for investing in various projects such as hotels, hospitals and SEZs was the largest investment that was approved on Tuesday.

Similarly, a proposal from Amalgamated Plantations involving an inflow of Rs 35 crore for giving 20 per cent stake to International Finance Corp by issuing fresh shares was also approved.

A proposal from the Mumbai-based First Flight Couriers to induct 27.74 per cent equity by way of private placement from Dunearn Investment (Mauritius), entailing an inflow of Rs 4.12 crore, also got the nod from the Government.

The proposal of Carlson Hotels Asia Pacific entails setting up a joint venture Elbrus Builders Private Ltd for a hotel in Noida and involves an equity investment of Rs 2.6 crore.

The joint venture also includes Unitech and Lavenders. The property is likely to be an upmarket Regent brand hotel with about 250 rooms.

The Hyderabad-based Shantha Biotechnics proposal for foreign investment to undertake activities related to DNA-based biotech products worth Rs 3.2 crore also got the approval.

Other companies whose investment proposals were approved included Delta Energy Systems, Nord Drive Systems, Value Source Technologies, I-Velozity, Inverness Medical Innovations and Khanna Speciality Retail and Distributors.

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