The Hindu Business Line : Essar among FDI proposals cleared

THE Essar group's proposal to bring in FDI worth Rs 217.50 crore from the Mauritius-based Hazira Steel 2 into ETHL Global Capital Ltd for making further downstream investments was among 36 FDI proposals approved by the Government today.

The proposals, involving a total amount of Rs 676.76 crore, were approved by the Finance Minister, Mr P. Chidambaram.

Medreich Ltd's proposal to bring in FDI worth Rs 109 crore from Singapore-based V-Science Investments to undertake contract manufacturing of pharmaceutical formulations and generics was cleared.

The Mauritius-based Beethoven Ltd's proposal to invest Rs 93.33 crore in Simplex Concretepiles to undertake engineering works was approved.

The Italy-based Elorado Combe's plan to invest Rs 45 crore in Novaxo Enterprise Private Ltd for importing hi-tech dental products received the go-ahead.

i-flex Solution's plan to bring in FDI worth Rs 23.91 crore from the Mauritius-based Oracle Global and the Germany-based Enercon GmbH's plan to invest Rs 59.80 crore in its Indian subsidiary for setting up wind power projects were also approved.

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