The Hindu Business Line : Rio Tinto among 9 FDI proposals cleared

New Delhi, Aug. 14 The Government on Thursday approved nine FDI proposals amounting to Rs 294.4 crore, including the Australia-based aluminium firm Rio Tinto’s plans to set up a plant.

An official statement issued here said the company is engaged in the manufacturing of ‘activated alumina’ and that FDI inflow would be Rs 148.5 crore. The proposal attracts Press Note 1 of 2005.

“Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on August 8, the Finance Minister, Mr P. Chidambaram, has approved nine proposals of foreign direct investment amounting to Rs 294.4 crore,” the statement said.

JP Morgan project

Major proposals that were approved include about Rs 100-crore proposal of JP Morgan India Property Mauritius Company II, to invest in the hotel and hospitality sector.

Cable service provider Hathway Cable Systems has also got approval for Rs 43.06 crore involving issue of compulsorily convertible debentures (CCDs), while Surat-based Span Diagnostics has got the clearance to set up a joint venture with Rs 66 lakh as investment.

Deferred proposals

FIPB deferred six proposals including that of ABN-Amro Securities to enlarge services by offering value-added financial services to their institutional and other clients.

It also deferred the proposal of Aditya Birla Telecom to raise the foreign investment limit to 74 per cent and to act as an operating-cum-holding company to make downstream investments, the release added.

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