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New Delhi, July 19 The Government on Thursday approved 17 foreign direct investment proposals worth Rs 589.85 crore, including a Rs 313.33-crore proposal from Sweden-based Quinn Hotels.

The Foreign Investment Promotion Board (FIPB) at its meeting on July 13 had recommended to the Finance Ministry Sweden-based Quinn Hotels’ proposal of forming a 100 per cent owned holding company for investments in construction development activities and acquiring existing companies engaged in hotel development.

Other proposals cleared by the Finance Minister, Mr P. Chidambaram, include Flemingo Duty Free Shops Pvt Ltd’s Rs 100-crore proposals pertaining to induction of foreign equity by Walker Investments in two of its companies. Mr Chidambaram also gave approval to Orix Corporation, a major financial services group, which has proposed to take up 5 per cent stake in IL&FS Securities Services Ltd. Another proposal that received the green signal was that of Google Holdings involving “induction of foreign equity by way of subscribing to 30 per cent units of Ventureast Tenet fund II, a SEBI registered venture capital fund”.

The proposal of Bhilwara Energy for induction of foreign equity up to 8.26 per cent in a company making investment in other companies engaged in power generation and transmission, was also cleared.

More Stories on : Foreign Direct Investment | Hotels

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